Posts Authored by David K. Stein

Important changes to debt collection practices: What you need to know

The Consumer Financial Protection Bureau (CFPB) has issued major updates to the rules that affect creditors and those that collect their debt by amending Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA).  Businesses covered by the new rules should consider preparing for the changes as soon as possible before the amendments go into effect on November 30, 2021.
 
As a threshold issue, it is noteworthy that the Bureau expanded the definition of a covered “consumer” by now including both living and deceased people within the regulation’s coverage.  A deceased consumer’s estate is now entitled to protections of the FDCPA, a change that may result in important consequences for debt collectors, who will now be required to provide validation information to an estate representative when it seeks collection against a decedent’s estate.
 
In addition to modernizing the guidelines to address collection-related communications through email, text messaging, and social media, the CFPB has also imposed new rules for consumer-oriented disclosures, the reporting of credit information to consumer reporting agencies (CRAs) and bringing suit on time-barred debt. For more information, read the full story.  
Consumer Lending and Services

Ohio goes digital: The Notary Public Modernization Act

In December 2018, now former Governor Kasich signed into law S.B. 263, also known as the Notary Public Modernization Act. The act overhauls Ohio’s notary laws and will allow documents to be notarized online through audio-video conferencing.

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Legal Developments, State Regulatory

Mortgage lenders: The “black hole” has closed

In astronomy, there can be no escape from a black hole. In the world of residential mortgage lending, the CFPB has charted a new course, finally creating an escape from one of TILA/RESPA’s most impracticable rules. On April 26, 2018, the CFPB finalized amendments to “TRID”, its “Know Before You Owe” mortgage disclosure rule.  

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Consumer Lending and Services