New York State’s Department of Financial Services yesterday announced the formal adoption of new debt-collection regulations that place new specific disclosure and written communication requirements on third-party debt collectors and debt buyers, InsideARM.com reported yesterday. In addition to new requirements, the rules also create a structure for the use of email in debt-collection efforts. Many of the rules, initially proposed in mid-2013, will go into effect in March 2015, while some debt verification, disclosure and communication requirements will go into force in August 2015. The rules impact only third-party debt collectors and debt buyers for now; attorneys are specifically exempted as long as they are acting in a legal capacity. In addition, creditors, process servers and government officials are exempt from the new rules.
