Regulatory Alerts2014-07-21
Idaho Department of Finance Policy Statement 2009-01 Concerning Debt Buyers
The Idaho Department of Finance issued Policy Statement 2009-01 to clarify that debt buyers are subject to the Idaho Collection Agency Act as they indirectly engage in debt collection. The Department will enforce a no-action position regarding licensing requirements if debt buyers strictly avoid direct consumer contact, credit reporting, and legal actions initiated in their name. Compliance requires utilizing only authorized licensees for collection activities and ensuring no attorneys contact consumers or file lawsuits under the debt buyer's name.
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