From Collector: State Licensing Laws: What’s New and Trending
7/16/2017 9:00:00 PM
Several laws targeting student loan servicers and remote workers have gone into effect recently.
States are often at the forefront of financial regulation. Sometimes a new law or requirement ends up being a unique feature of a state’s legal framework, but often states borrow the legislation of other states, which can signal a new trend that may become common across the country, ACA’s former Senior Compliance Analyst Andrew Pavlik reports in the July issue of Collector magazine.
With so much happening at the state level, it’s important to keep up with changes in the law not only to remain in compliance today, but also to see what trends may be on the horizon for other states that could impact your business.
Pavlik reports on trends in student loan servicer requirements for various states and other servicer license requirements for particular types of loans.
While these laws are not necessarily new, a few states have offered clarification on whether a particular servicer license applies to debt collectors either in the statute itself or regulatory guidance.
In cases where states have not clarified whether a particular servicer license requirement applies, debt collectors servicing these types of debts will need to carefully review the language of the statute and also consider seeking the advice of an attorney or the state’s regulator to determine whether the particular servicer license is required.
Finally, Pavlik reports on the prospect of employees working off-site via computer, phone and other technology.
With more and more people working from home across a variety of fields and professions, the question of whether a debt collector can work off-site is becoming increasingly important. Most state licensing laws still do not address the potential for a debt collector to work from home, but this may be changing.
Recently, a few states have amended their licensing laws to provide specific exemptions from licensing for home-based collectors: North Dakota, North Carolina and Wisconsin, Pavlik reports.
Read more on state licensing trends in the comprehensive report in the July issue of Collector magazine.
In the next featured article in From Collector, learn about tools for conversations with consumers and when to stick to the script on calls.
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