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If enacted, the bill would, among other things, prohibit medical debts from being reported on consumers’ credit reports. The bill would even prohibit credit reporting agencies from accepting information about consumers’ medical debts.
Another revision makes it mandatory for hospitals seeking to garnish a patient’s wages or bank accounts to include with the summons and complaint initiating such action an “affidavit of expert review” making various certifications.
State Activities: On October 30, Virginia Governor Ralph Northam signed House Bill 568, which automatically exempts emergency relief payments, as defined in the bill, from the creditor process, including garnishments and liens. For more information, click here. To read the full statement, click here.
More specifically, the Department of FinancialServices will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. In New York, retirement income from Social Security and other sources are exempt from garnishment.
Decreasing the legal rate of interest on consumer claims from 9% to 2%. Putting an end to the use of wage garnishments (income executions) in New York to collect medical judgments. Bill S9348 : Directs the superintendent of financialservices to study overdraft fees.
More specifically, the Department of FinancialServices will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. In New York, retirement income from Social Security and other sources are exempt from garnishment.
Federal Activities: On April 14, the ConsumerFinancial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” On April 7, Colorado Governor Jared Polis signed Senate Bill 86 into law as Chapter 74 of the Laws of 2022.
Among those directives, the service of a garnishment summons, wage deduction summons, or a citation to discover assets on a consumer debtor or consumer garnishee are suspended through December 12. Pritzker issued Executive Order 2020-71, which reinstituted 30 previous executive orders. For more information, click here.
House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment. 9224) would amend the ConsumerCredit Protection Act to raise the amount of a consumer’s disposable income protected from garnishment to $1,000 or 75%, whichever is greater.
House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports. Pritzker issued an executive order extending the suspension of garnishment, deduction of wages, and post-judgment citations to discover assets through April 3.
Pritzker extended Executive Order 2020-25, which includes limits on garnishments and wage deductions. The no-action memo concerns the requirement that any Connecticut licensable activity by a ConsumerCredit Licensee be conducted from a licensed branch office location so long as certain criteria are met.
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