Bohemia, NY (PRWEB) June 29, 2012
On Wednesday June 27 2012, the Fair Debt Buyer Practices Act was approved by a California General Assembly committee. The bill will create more constraints for debt buyers in California as well as make more documentation from buyers a necessity throughout the debt collection practice.
Fair Debt Buyers Practices Act, or SB 890, had originally been introduced over a year ago in February 2011. However the advocacy work of DBA International delayed the bill throughout the summer. During this time, the bill has been altered and is currently notably different than the original that had been announced in the first quarter of 2011. After being passed by the Assembly Judiciary Committee the legislation will go on to the Banking Committee for their deliberation.
The bill will make it necessary for debt buyers to provide proper documentation of their balance of debt, the date of the last payment or default, the name and address of the debtor in the original creditor’s records, their ownership of the debt, and the identity of the previous owners of the debt. Without said documentation debt buyers will be prohibited from procuring a judgment in the debt collection lawsuit. John Monderine, CEO of Rapid Recovery Solution, states, “I think this is great because it will be the first step to separating debt buyers from contingency debt collectors.”
Senator Mark Leno, who has authored the bill, has asserted that the legislation will provide consumer protection against aggressive and abusive debt buyers. The bill will hopefully lessen the threat of intimidating and hostile methods that less than reputable debt collectors use. The bill will be a reasonable attempt to address and improve the treatment of consumers within the debt collection industry.
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.