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Maryland’s Strict Consumer Protection Law Now in Effect


Posted 1 October
The Maryland Financial Consumer Protection Act of 2018, passed by the Maryland General Assembly during the 2018 Legislative Session and effective 1 October 2018, includes the following changes:


  • The definition of “unfair or deceptive trade practice” is now “unfair, abusive, or deceptive trade practice; (UADTP)”
  • The purpose of the act is to support enforcement by and funding of the Office of the Attorney General and the Commissioner of Financial Regulation to protect state residents when conducting financial transactions and receiving certain services;
  • The state will also have a designated student loan ombudsman.


Changes in the law align state regulations with the Dodd-Frank statutes followed by the Bureau of Consumer Financial Protection. Agencies collecting debts in Maryland should review their policies and procedures, making sure that they conform to statutory requirements.


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Membership: What's in it for me?


ACA's April 2018 high-level snapshot of the association’s recent accomplishments coupled with updates on various projects is available for download.  If you have ever wondered what you're getting for your annual dues, this is the publication to review.


Topics covered include compliance, legislation, education, and advocacy.  DOWNLOAD



Economic Impact of Third-Party

Debt Collection



ACA International released the 2017 Ernst & Young survey which provides an in-depth overview of the economic importance of the third-party debt collection industry on the U.S. and individual state economies.


Based on data from 2016, the report details the industry’s contribution to employment, asset recovery and other fiscal categories.  Since 2013, the last year a similar survey was conducted, the amount of debt collected has increased by 42 percent, which translates to a return of $67.6 billion to creditors in 2016.

Key state findings of this landmark study include:


For more detailed reports,

visit ACA International's Industry News page.





      

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  Mid-Atlantic Collectors Association  A Unit of ACA International
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