Regulatory Alerts2010-04-28
Statements in Aid of Interpretation of the Debt Buyer Policy
The Idaho Department of Finance clarifies that unlicensed debt buyers lose their 'No Action' protection if they engage in any collection activity or discussion with consumers. To maintain this position, debt buyers must obtain a license under the Idaho Collection Agency Act whenever they interact with debtors regarding delinquent accounts. Additionally, the policy permits unlicensed debt buyers to utilize attorneys who hold valid collection agency licenses for direct collection efforts without violating the prohibition on direct collection.
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