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   Does your business need debt collection laws?

   • As a business owner, there may be times you have to pursue debtors to collect what you’re owed and there may be times creditors come looking for payment from you. Either way, it’s important to understand debt collection laws and how they apply to your business in these circumstances.

   Debt Collection Laws For Businesses - Business News Daily

   www.businessnewsdaily.com/16048-debt-collection-laws.html

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   What laws govern consumer debt collection?

   • The FDCPA and several state laws govern how consumer debt can be collected. The laws govern how and when creditors can contact consumers to recover outstanding debt. If a vendor or one of your clients is trying to collect a debt from you, they must follow federal and state debt collection laws. Additional ethics codes apply as well.

   Debt Collection Laws For Businesses - Business News Daily

   www.businessnewsdaily.com/16048-debt-collection-laws.html

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   What are the rules for collecting debts from individuals?

   • When it comes to collecting debts from individuals, the rules are clear. First, you must abide by the provisions of the Fair Debt Collection Practices Act (FDCPA). If your state has any additional laws on the books, you must also abide by them as well. Here’s a closer look at what to expect.

   Debt Collection Laws For Businesses - Business News Daily

   www.businessnewsdaily.com/16048-debt-collection-laws.html

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   What is the Fair Debt Collection Practices Act?

   • The Fair Debt Collection Practices Act protects consumers from abusive or harassing treatment by debt collectors and establishes guidelines for the industry. Is your company complying with the law? Buying or selling debts? Steps for keeping data secure For debt buyers and sellers, keeping sensitive information secure should be business as usual.

   Debt Collection | Federal Trade Commission

   www.ftc.gov/business-guidance/credit-finance/debt-collection

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2. www.businessnewsdaily.com › 16048-debt-collectionDebt Collection Laws For Businesses - Business News Daily

   www.businessnewsdaily.com › 16048-debt-collection

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   Oct 23, 2023 · Updated Oct 23, 2023. Debt Collection Laws and How They Apply to Businesses. Whether you’re pursuing a debt or you owe money, knowing debt collection laws is an important part of...

3. www.justia.com › collections-and-creditCollections and Credit Laws for Businesses | Small Business ...

   www.justia.com › collections-and-credit

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   Oct 18, 2023 · In order to recover money owed by a consumer, the business may wish to initiate formal debt collection proceedings. The business may choose to collect the debt itself, or it may hire a debt collection agency to do so. State and federal laws govern both types of debt collection.

4. www.ftc.gov › credit-finance › debt-collectionDebt Collection | Federal Trade Commission

   www.ftc.gov › credit-finance › debt-collection

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   The Fair Debt Collection Practices Act spells out rights and responsibilities when collecting debts. Here's where you can find the complete text of the law.

5. www.consumerfinance.gov › documents › 9462Debt Collection Rule - Consumer Financial Protection Bureau

   www.consumerfinance.gov › documents › 9462

   This guide meets the requirements of s ection 212 of the Small Business Regulatory Enforcement Fairness Act of 1996 with regard to the Debt Collection Rule and is a Compliance Aid issued by the Consumer Financial Protection Bureau.

   • File Size: 1MB

   • Page Count: 116

6. www.thebalancemoney.com › how-debt-collection-lawsHow Debt Collection Laws Impact Small Businesses - The Balance

   www.thebalancemoney.com › how-debt-collection-laws

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   Jul 31, 2022 · Updated on July 31, 2022. Reviewed by. Robert C. Kelly. Fact checked by Kiran Aditham. Photo: Dimensions/ Getty Images. There are federal and state debt collection laws that protect and hold small businesses responsible for their financial behaviors. Learn more about these laws.

   • Author: Femi Lewis

7. www.legalshield.com › blog › smb-debt-collectionSmall Business Owner’s Guide to Debt Collection - LegalShield

   www.legalshield.com › blog › smb-debt-collection

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   Sep 4, 2017 · 1. Payment policy – it’s vital to secure your interests with policies, contracts and systems that protect your ability to collect a debt. Handshake deals and verbal agreements are difficult to enforce. It is essential to have a signed contract for any product or service for which payment will be made at a later date.

8. www.consumerfinance.gov › ask-cfpb › what-laws-limitWhat laws limit what debt collectors can say or do?

   www.consumerfinance.gov › ask-cfpb › what-laws-limit

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   Apr 14, 2023 · The Fair Debt Collection Practices Act (FDCPA) is a federal law that limits what debt collectors can do when attempting to collect certain types of debt. The federal Fair Credit Reporting Act (FCRA) covers how debts are reported in credit reports.