A Guide to New York’s New Debt Collection Laws
New York recently passed a series of laws that are aimed at protecting consumers from illegal debt collection practices. These new laws will help consumers get the justice they deserve and protect them from companies that use deceptive tactics to collect debts. In this guide, we’ll provide an overview of New York’s new debt collection laws and how they can help you if you are dealing with collections or creditors in New York.
First, it is important to understand the difference between general debt collection practices and those specifically prohibited by the new laws. The most significant changes involve prohibiting false or deceptive statements as well as threats of criminal prosecution when attempting to collect a debt. Additionally, creditors must now provide more detailed information about their rights when collecting a debt, including explaining the statute of limitations for each state in which they are operating.
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