Bohemia, NY (PRWEB) April 29, 2013
On April 29, 2013, John Monderine, CEO of collection agency Rapid Recovery Solution, issues a response to the new Consumer Credit Fairness Act.
According to an article from insideARM, a new bill called the Consumer Credit Fairness Act (A.2678/Weinstein) aims to limit the use of the legal collection channels in New York State. The bill cuts in half the previous statute of limitations for debt collections and adds new requirements for debt collection lawsuits. Judiciary Committee Chair Helene Weinstein introduced the bill and it passed in the assembly with a vote of 90-45. Similar bills have been introduced in the past, but failed to pass.
The bill would require the clerk of the court to mail a notice of a pending consumer credit to the defendant. It would also require the court filings to consist of more information about the targeted debt, lower the statute of limitations for credit transactions, and stop debt buyers from suing on expired debt.
John Monderine, CEO of the New York-based debt collection agency Rapid Recovery Solution, says that the new legislation closes several important loopholes in the state’s collection laws. “The really pervasive problems in this industry occur on both sides of the debt – there have always been abusive or fraudulent debt buyers and collectors, and there have always been consumers and debtors who don’t act in their own best interest because they aren’t adequately informed about their rights or the state of their finances. This bill goes a long way toward protecting consumers from ruining their credit, and should curb some of the wider, insidious economic impact of avoidable debt treadmills.”
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.