Creditors and consumers alike get excited about originations. But credit losses are a financial services reality, and when things go south with a customer the initial excitement yields to more serious consequences when that customer starts missing payments and defaults on the credit obligation. Numerous federal and state laws and regulations impact the management of accounts receivable and creditors’ and servicers’ routine and default servicing, collection, and recovery efforts. Those laws and regulations impose requirements and limitations not just on creditors and servicers, but on collection agencies, collection law firms and secondary market debt buyers. From licensing to collection conduct rules to recovery of collateral and deficiency balances, the web of federal and state laws that apply to debt collection is complex – and the consequences for non-compliance can be serious.
Our attorneys who focus on this practice area have seen first-hand the evolution of collection practices and strategies, and the federal and state regulatory landscape.
Our attorneys work with industry participants across the spectrum, from creditors of any type through and including active and passive debt buyers and collection agencies. We understand the challenges companies face and are well-resourced to provide efficient, cost-effective and practical advice given our years of experience and focus on this practice area. Our attorneys help clients increase revenue through effective collections while saving costs by avoiding expensive litigation.
Finally, debt collection is a litigious business. When consumers sue clients notwithstanding their regulatory compliance efforts, our regulatory compliance attorneys work with our clients and the litigators in our Firm’s Litigation Practice Area to identify the best defenses and strategies to resolve claims, ensure timely and effective litigation outcomes, and allow our clients to get back to their regular work.
Please contact our attorneys to learn more about our services and how we can help your company with account servicing, collection, and recovery regulatory matters.
7037 Ridge Road, Suite 300
Hanover, Maryland 21076
