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Governor Cuomo proposes protecting New York consumers from
predatory and abusive debt collectors, by requiring debt collectors to be
licensed by the State Department of Financial Services, where they would have
to adhere to stringent standards of conduct and empower the State to examine
debt collectors and pull the license of bad services. The proposal will also
codify a FTC rule that prohibits confessions of judgment, which give lenders
the unfettered power to go into court, get a judgment from a clerk and empty
the consumer's bank account.
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predatory and abusive debt collectors, by requiring debt collectors to be
licensed by the State Department of Financial Services, where they would have
to adhere to stringent standards of conduct and empower the State to examine
debt collectors and pull the license of bad services. The proposal will also
codify a FTC rule that prohibits confessions of judgment, which give lenders
the unfettered power to go into court, get a judgment from a clerk and empty
the consumer's bank account.