Jimerson Firm

JANUARY 28, 2021

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. Procedure For Getting a Deficiency Judgment. Amount of Deficiency Judgment.

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Account Recovery

MARCH 10, 2025

When obtaining a judgment in a debt collection action and, thereafter, seeking to enforce that judgment, debt collectors must be aware of the EIPA and proceed accordingly. Defendants are therefore well-advised to carefully analyze complaints for pleading deficiencies.

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Debt collector Fair Debt Collection Debtor Judgment 130

Account Recovery

MARCH 18, 2025

A Magistrate Court judge in Wisconsin has denied a plaintiff’s motion to alter a judgment which ruled he did not have standing to pursue claims the defendant violated the Fair Debt Collection Practices Act, finding that the plaintiff failed to demonstrate a concrete injury that could be linked to the defendant’s alleged misconduct.

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Jimerson Firm

AUGUST 12, 2021

Lenders who move for summary judgment under Florida’s new summary judgment standard will likely enjoy more favorable outcomes. The court’s more rigorous review of attempts to withstand summary judgment will change expected litigation outcomes, impact litigation strategy, and largely benefits lenders. Guild of America, Inc.,

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Judgment Lender Loans Debtor 98

Account Recovery

JULY 14, 2022

A District Court judge in Illinois has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, illustrating why it’s a good decision sometimes to take the extra steps of going through discovery instead of attempting to win on a motion to dismiss, while also potentially providing some ammunition for (..)

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Fair Debt Collection Judgment Collections Financial services 246

Account Recovery

FEBRUARY 4, 2021

A District Court judge in Arkansas has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case after it was accused of engaging in harassing behavior by sending the same verification letter twice in a month in response to two dispute notices sent by the plaintiff and for not including … The post Judge (..)

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Fair Debt Collection Judgment Collections Financial services 246

Account Recovery

MARCH 16, 2021

The Federal Trade Commission yesterday announced settlements in a pair of cases it brought under Operation Corrupt Collector, where each of the defendants have agreed to lifetime bans from working in the collection industry and will turn over all the money in their bank accounts to satisfy more than $27 million in judgments that were … The post (..)

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Collections Trade Judgment Banks 242

Account Recovery

SEPTEMBER 29, 2021

In a case that was defended by Rick Perr of Kaufman Dolowich & Voluck, a District Court judge in New Jersey has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act class-action lawsuit over the 1099C language in a collection letter, ruling that the disclosure used was not a false, … The post Judge (..)

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Fair Debt Collection Judgment Collections Financial services 240

Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? Read on to learn more about Delivery Financial Services and how to get them deleted from your report. About Delivery Financial Services. How Delivery Financial Services Works. Ask Lex Law for Help.

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Financial services Debt collector Collection Agencies Collections Agency 69

Jimerson Firm

NOVEMBER 8, 2023

Judgment creditors are often faced with the question of how to collect an out-of-state judgment (also commonly referred to as a foreign judgment) in Florida. Once the foreign judgment is domesticated, the judgment creditor may pursue post-judgment collections efforts in Florida. 55.501, Fla. 55.505, Fla.

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Judgment Debtor Garnishment Creditors 59

Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

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Financial services Collection Agencies Collections Agency Debt collector 60

Troutman Sanders

MARCH 21, 2023

On March 9, the House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy held a hearing to discuss proposals that would alter the CFPB’s structure and authority. On March 6, eight AGs won judgments, totaling nearly $245 million in the U.S. For more information, click here.

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Financial services Banks Third-party Debt Collectors Judgment 52

Troutman Sanders

FEBRUARY 27, 2023

Section 604 of the Financial Services Regulatory Relief Act of 2006 requires that the agencies review information collected in the Call Reports to reduce or eliminate any requirement to file certain information or schedules if the continued collection of such information or schedules is no longer necessary or appropriate.

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Financial services Banks Retail Loans 52

Troutman Sanders

OCTOBER 16, 2023

On October 10, the North American Securities Administrators Association (NASAA) — an alliance of securities regulators across the states, Canada, and Mexico — supported the SEC’s claims that assets and services offered by crypto exchange Coinbase are investment contracts. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. The OAG initially filed the lawsuit in June 2021, and as part of the judgment, between $450,000 and $2.5

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Financial services Financial Institution Debt collector Trade 52

Troutman Sanders

NOVEMBER 15, 2022

District Court for the District of New Hampshire granted the Securities and Exchange Commission’s (SEC) motion for summary judgment against blockchain-based, file-sharing platform LBRY. In its summary judgment motion, the SEC argued that LBRY’s public offering of its native token LBC constituted an unregistered sale of securities.

Financial services 52

Financial services Student loans Student Loans Trade 52

Troutman Sanders

MAY 23, 2023

On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” For more information, click here. For more information, click here.

Financial services 52

Financial services Banks Debtor Education 52

Troutman Sanders

JANUARY 5, 2022

State Activities: On December 31, 2021, New York Governor Kathleen Hochul signed a bill into law that will lower the interest rate charged on unpaid money judgments to 2%. The law, effective April 30, applies to new judgment and retroactively to any judgment not fully satisfied when the law goes into effect.

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Financial services Judgment Trade Consumer Credit 52

Troutman Sanders

JANUARY 31, 2022

State Activities: On January 28, the Texas Supreme Court announced that it is accepting comments on its proposed amendments to the Texas Rules of Civil Procedure notice of judgment and monetary damages, as well as service of writ of garnishment, before they take effect on May 1. According to OFR Commissioner Russell C.

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Financial services Trade Government Banks 52

Troutman Sanders

SEPTEMBER 5, 2023

The consent order between the parties includes a monetary judgment of $36.2 Impact Theory agreed to a cease-and-desist order finding it violated the registration provisions of the Securities Act of 1933, and will be required to pay more than $6.1 million in disgorgement, prejudgment interest, and a civil penalty.

Financial services 52

Financial services Banks Trade Home Insurance 52

Account Recovery

APRIL 19, 2024

The Court of Appeals for the Third Circuit has upheld a summary judgment ruling in favor of the defendants in a Fair Debt Collection Practices Act case, ruling that the plaintiff’s claims were outside the FDCPA’s one year statute of limitations and his attempt to request verification of the debt “was untimely by many years.”

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Fair Debt Collection Judgment Collections Financial services 147

Account Recovery

MARCH 28, 2024

A District Court judge in Connecticut has denied a defendant’s motion for judgment on the pleadings, ruling the debt in question does meet the Fair Debt Collection Practice Act’s definition of a debt and that the suit should proceed. What constitutes a debt? The definition seems to change by the day.

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Fair Debt Collection Judgment Collections Financial services 147

Troutman Sanders

MARCH 11, 2024

On March 6, the Oregon legislature passed the Family Financial Protection Bill, which will now be placed before Governor Tina Kotek for signature or veto. The bill amends current state law that establishes what portions of a consumer’s financial assets can be garnished to satisfy a judgment.

Financial services 52

Financial services Garnishment Lender Banks 52

Consumer Financial Services Law

NOVEMBER 19, 2019

On November 14, 2019, the House Committee on Financial Services passed the following bills which would amend the federal Fair Debt Collection Practices Act and tighten consumer protections. 3490) proposes to restrict the use of confessions of judgment embedded in certain contracts. The Small Business Lending Fairness Act (H.R.

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Financial services Fair Debt Collection Debt collector Judgment 40

Troutman Sanders

NOVEMBER 2, 2020

On October 25, the administrator of Colorado’s Uniform Consumer Credit Code issued an order extending the requirements of sections (4) and (5) of SB-211 and restricting the use of extraordinary collection activities to collect debt or satisfy judgments in Colorado until February 1, 2021. For more information, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

AUGUST 7, 2023

These new Standard Operating Procedures (SOPs) will include updated origination policies and procedures, lender participation requirements, and 7(a) loan servicing and liquidation requirements. The court issued this judgment in connection with the civil enforcement action filed by the CFPB in 2019. For more information, click here.

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Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

DECEMBER 20, 2022

Proposition 209 has been touted as a way to protect Arizonans with medical debt from bankruptcy, has set new exemption limits on property subject to debt collection, and has decreased the portion of a judgment debtor’s income subject to garnishment. For more information, click here.

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Financial services Student Loans Student loans Loans 52

Troutman Sanders

APRIL 26, 2021

House of Representatives passed seven bipartisan bills introduced by House Financial Services Committee members. The bill would prohibit the use of confessions of judgment in contracts with businesses and would codify existing FTC policy banning such provisions in consumer loan contracts. For more information, click here.

Financial services 52

Financial services Debt collector Loans Banks 52

Troutman Sanders

MAY 9, 2023

Among other things, the bill: (1) caps the rate of interest on medical debt to 3% per annum; (2) requires a debt collector or collection agency collecting on a medical debt to provide the consumer, upon the consumer’s written or oral request, an itemized statement concerning the debt, while allowing the consumer to dispute the validity of the debt (..)

Financial services 52

Financial services Student loans Student Loans Loans 52

Account Recovery

JUNE 15, 2023

A District Court judge has partially granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case and dismissed the complaint because the plaintiff lacked standing to sue, but gave the plaintiff — who raised new issues of why he has standing at the wrong time — an opportunity to file […]

Fair Debt Collection 130

Fair Debt Collection Judgment Collections Financial services 130

Troutman Sanders

SEPTEMBER 27, 2021

The settlement requires HSEAA to pay $15,000 to the two servicemembers and a civil penalty of $20,000 to the United States.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

DECEMBER 6, 2023

District Court in the Southern District of California recently held that a Federal Rule of Civil Procedure 68 offer of judgment must clearly state that attorneys’ fees and costs are limited or waived, as Arvest Central Mortgage Company (Arvest) learned to its detriment. in damages from the offer of judgment.

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Judgment Consumer Credit Financial services 52

Jimerson Firm

MAY 19, 2021

Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Why Would a Final Judgment of Foreclosure be Set Aside?

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Foreclosure Judgment Lender Bankruptcy 52

Consumer Financial Services Law

MARCH 27, 2018

Dunn The House Financial Services Committee voted 35-25 on March 21, 2018 to advance H.R. Dunn practices in Smith Debnam's Consumer Financial Services Litigation and Compliance Group. By: Zachary K. 5082, officially known as the “Practice of Law Technical Clarification Act of 2018,” to the full House of Representatives.

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Law Firms Debt collector Fair Debt Collection Financial services 74

Troutman Sanders

OCTOBER 7, 2021

a Third Circuit district court granted summary judgment to the defendants in a Fair Debt Collection Practices Act (FDCPA) case. a debt buyer, retained defendant LTD Financial Services, L.P. Therefore, the court granted summary judgment to the defendants on the plaintiff’s Section 1692e claim. In Bordeaux v. AA II, Inc.),

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Judgment Collections Debt collector Creditors 52

On Guard

DECEMBER 5, 2024

More specifically, 51,8% see the future of credit management tied to AI integration and over half (55,5%) expect the credit manager’s role to evolve toward providing strategic counsel, underscoring the need for human judgment alongside AI tools.

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Credit Management Healthcare Judgment Financial services 52

Troutman Sanders

MARCH 22, 2023

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.

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