NY Issues New Rules on Debt Collections


New York financial regulators have issued rules intended to curb abuse by debt collectors, requiring them to advise consumers when the statute of limitations has expired on debts and confirm settlement agreements in writing.

Regulations also authorize consumers to choose email for communications from collectors and request verification of disputed debts.

New Yorkers filed more than 20,000 complaints about collection practices this year, including harassing calls, contacting incorrect people and seeking incorrect amounts, especially with defaulted debt.

Money exempt from judgments includes Social Security, pensions, welfare, disability benefits, veterans’ benefits, alimony and child support.

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