The U.S. consumer watchdog on Friday proposed establishing a national standard f...
WASHINGTON - The U.S. consumer watchdog on Friday proposed establishing a national standard for how debt collectors must inform borrowers when they cannot be sued for expired debt.
The CFPB measure, which is subject to public consultation, comes amid a broader overhaul of its debt-collection rules. The changes have sparked industry complaints that they clash with state laws and could drastically complicate the process of recouping owed money. Under the Fair Debt Collection Practices Act , states can set limits on how long collectors have to sue, which can range from three to 15 years. Borrowers can still owe on debts older than that, but collectors cannot take them to court to collect on it.
The groups have also argued that it is legally complicated for collectors to ascertain when a debt has expired due to the patchwork of state laws.
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