The Consumer Relations Consortium (CRC) has continued its efforts to provide Nevada insight into the untended consequences of its newly enacted Medical Debt Collection law (SB248) which went into effect July 1, 2021.
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The debt collections industry is undergoing dramatic change thanks to a number of converging factors. These include the pandemic-related disruption of the consumer credit market, the introduction of new regulations that restrict outreach in various ways (such as the Consumer Financial Protection Bureau’s Regulation F), and major shifts in how consumers prefer to be contacted about outstanding debt.
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On
September 20, 2021, the CFPB issued a press
release announcing it filed suit against a California-based software
company, Credit Repair Cloud (Cloud), and its owner, Daniel Rosen, for allegedly
assisting illegal credit repair businesses. The CFPB alleges that Cloud and Mr.
Rosen violated the Telemarketing Sale Rule (TSR) and the Consumer Financial
Protection Act of 2010 (CFPA) by providing substantial assistance, including training,
materials, and software to credit-repair companies that use telemarketing to
reach consumers and charge unlawful advance fees.
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