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On 24 March 2004, the FTC filed a formal complaint alleging multiple violations of the FDCPA. On the same day, a consent decree was entered, in which CAMCO agreed to pay a $300,000 civil penalty and to refrain from further violations of the law. Notwithstanding the agreement, complaints of violations from consumers continued.
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.
The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined ...
A measure revamping Florida ethics laws will likely tilt the table in favor of corruption, critics warn. New limits on Florida ethics complaints may shield corruption, critics warn Skip to main ...
The south Florida city saw 372.7 complaints per 100,000 residents between January and September 2023. The other states making up the top five cities for credit card fraud and identity theft ...
The debt collection industry which includes debt buyers, "in-house collection departments, third-party collection agencies, and collection attorneys", recover and return "billions of dollars in delinquent debt" to "card issuers and other creditors" annually which "increase[s] the availability of consumer credit and reduce[s] its cost". [2]
The investigation is based on a scathing audit issued in October.