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HB 133: Regulatory Clarity for Loan Servicers
We know that ambiguous regulation hinders how your credit union serves its members. That is why the League went to work last General Assembly to fix the current requirement to provide a debtor a specific written notice before a collection attempt is made on a loan secured by residential property. Since “collect” or “attempt to collect” are not clearly defined, the required notices are sent before and after every communication with a delinquent borrower.
The correction in House Bill 133 clarifies a notice must be sent 30 days before a foreclosure action and can also accompany any prior notice. Further liability protections were included, limiting restitution to a waiver of any fees or actual damages and eliminates class-action claims.
Can you help get House Bill 133 across the finish line? You can secure better member service by simply submitting or customizing the pre-written e-mail.
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