Debt Collection Improvement Act
The House of Representatives May 13 passed the Comprehensive Debt Collection Improvement Act (H.R. 2547) by a vote of 215-207. The bill, which now heads to the Senate for consideration, would expand the definition of a “debt collector” and increase risks to lenders. This may have a DEVASTATING impact on the repossession industry.
Recovery professionals are considered “enforcing a security interest” and not collecting a debt. And, until now it was understood that we are not under the requirements of the Fair Debt Collection Practices Act.
All of this might change. If left unchallenged, the recovery professional would be reclassified as a “debt collector.”
Now more than ever, the Repo Alliance is our best line of defense. The Alliance is working with our lobbyists at Van Scoyoc Associates in Washington DC, and already speaking to members of Congress about the unintended and adverse consequences of this change to reclassify us as a “debt collector.”
NOW is the time to support the work that the Repo Alliance is doing on your behalf. Stand with us today.