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Brewer signs bill to help debt collectors

Arizona Gov. Jan Brewer has approved legislation making it easier for debt collectors to go after defaulting consumers and small businesses. Brewer signed House Bill 2664 into law today. The measure allows collection agencies to use final billing statements as a basis to show amounts owed and interest rates as they seek court judgments and wage garnishments. The bill was favored by debt collectors, which buy delinquent accounts from banks and credit card companies for pennies on the dollar, but receive only minimal information from those sources. It can be difficult and expensive for the collection companies to get additional information on the defaulting consumers and business owners. Debt collectors’ business model depends on them collecting money from the account holders whose information they buy. The new state law makes it easier on them if they can obtain final billing statements from the banks and credit card issuers. Consumer attorneys and Democrats opposed the bill, worrying about the accuracy of credit card statements and fees.

http%3A//www.bizjournals.com/phoenix/news/2012/05/14/brewer-signs-bill-to-help-debt.html


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