you work for a financial institution that collects debts? If yes, do you know whether the Fair Debt Collection Practices Act, 15 USC 1692 (the" Act ") (http://www.ftc.gov/os/ statutes / fdcpa / fdcpact.htm) regulates what you do? Do you fear that your practice could be for you or your company's liability? Relax. The law generally does not apply to commercial Foreclosure or the collection of receivables. (see my 11 -- 1-06 article "What Is Commercial Foreclosure Law?" for more.)
Personal, family or household purposes. The Act focuses on the obligations arising from consumer transactions. Bass V. Stolper, et al., 111 F.3d 1322 (7th Cir. 1997). "Debt" for the purposes of the Act, is defined as an obligation to pay money from a transaction that is "primarily for personal, family or household purposes ..." 15 USC 1692a (5). A nice article in the American Law Reports Federal explains the concept in detail: "What is" debt "for the purposes of the Fair Debt Collection?" 159 ALR FED. 121 (2000). Even individual guarantors of an obligation does not fall within the scope of the Act if the warranty is part of a business transaction. See the Federal Trade Commission's website (http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm) for further discussion. My Blog and practice devoted primarily to commercial offerings, which are not consumer loans. If you are in the same boat, then basically everything you need to know about the law (1) there are, (2) a breach of it is a bad thing, but (3) it usually does not apply to you .
Behave. The legal industry has some very creative lawyers and some judges tend to protect debtors. There are areas in the gray Act. Legal principles developed, such as the interpretation of laws like the law. For example, the ALR article cited a case from Mississippi, where a commercial debt was mainly in a consumer's debt by the Act when the debt collectors from "harsh, abusive, foul, obscene, indecent, coarse, violent, threatening, intimidating and harassing "calls to the debtor. So do not be reckless. Remember the spirit of the law, the Congress to eliminate abusive, deceptive and unfair debt collection practices.
As a general statement, but you do not have to sweat the details of the law, if you ensure that you are using a commercial transaction. If you have doubts, but according to the law. Or contact your lawyer for advice. In recent years there have been many lawsuits in connection with the application and enforcement of the law, so that the recent case law exists that you or your lawyer to decide whether your actions may be regulated.
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