NY Adopts New Debt Collection Rules

by Jeff Sovern

The press release is here. The rules themselves are here. Law360's Evan Weinberger reports here on whether they might become a model for the CFPB or other states. I am very curious to see how effective the new rules will be. They will surely help some consumers. Because the rules require disclosures, and evidence is increasingly calling into question how much consumers take advantage of disclosures, some--perhaps many--consumers who could benefit from the new rules may not avail themselves of the protections they provide. I hope a way is found to monitor the rules' effectiveness to see if more needs to be done.