Month: April 2021

On April 16, 2021, the North Dakota Governor signed a bill that amends the North Dakota Money Brokers Act to limit the annual interest rate that licensees may charge to 36%. The bill clarifies that all charged fees necessary for the extension of credit incurred at the time of origination are to be included in the 36% finance charge. The bill also adds late payment fee restrictions and additional restrictions that apply to loans in amounts of $2,000 or less. Read More

The U.S. Court of Appeals for the Eleventh Circuit has held that sharing specific information regarding a consumer’s debt with a mail vendor is a “communication in connection with the collection of any debt” and that a debt collector could violate the federal Fair Debt Collection Practices Act’s (“FDCPA”) prohibition on third party communications by engaging in such information sharing. Read More

The Consumer Financial Protection Bureau (“CFPB”) has filed a notice of proposed rulemaking to delay the effective date of the new federal debt collection rule (known as Regulation F) under the federal Fair Debt Collection Practices Act (“FDCPA”). Read More