An Act Regarding the Information Required of Debt Buyers for Debt Collection
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 32 MRSA §11013, sub-§9, ¶D, as enacted by PL 2017, c. 216, §5, is amended to read:
D. The principal amount due at charge-off;
SUMMARY
This bill amends the law regarding the information that a debt buyer must possess for purposes of debt collection by clarifying that the debt buyer must possess not the principal amount due the original creditor at charge-off, when the creditor removed the debt from its books as an asset and began to treat it as a loss or expense because payment was unlikely, as in current law, but rather the total amount due at charge-off.