NYDFS Amendments Take Effect Sept. 9, And New FAQs Released

In November 2014 the New York Department of Financial Services (DFS) adopted new regulations governing debt collectors, including third-party collectors and debt buyers. Most of the new rules went into effect in March of this year. The remaining rules – related to debt verification, disclosure, and communication – became effective earlier this month.

When the rules were first announced there was a good deal of confusion about the specifics of implementation. Industry groups, including ACA International, DBA International, and the Consumer Relations Consortium, submitted questions requesting clarification. In February DFS released an FAQ document containing sixteen questions and answers, and also participated in a live symposium about the rules that was hosted by DBA International.

Questions persisted, and in June DFS released twelve additional FAQs.

View this content by subscribing

Please register to unlock this content

I already have an account. Log in