We recently announced that we have updated our assignment forms to request new information that is needed for compliance with Regulation F (Debt Collection Rule). Accordingly, we wanted to provide some virtual training for our clients who regularly use our assignment forms to send us a collections, replevin, or foreclosure matter. (The bankruptcy assignment forms were not changed.) We will host two complementary training sessions via Zoom. Each training will cover the same material, so it is only necessary to attend one.

The first training will be held on December 13th at 2:00 p.m. EST. The second training will be held on December 16th at 3:00 p.m. EST. You will need to RSVP for the training. Your RSVP will need to be sent to Whitney via email at whitneyw@svllaw.com. Upon receipt of your email, Whitney will send you the passcode to attend.

We want to let our clients know that we have updated our assignment forms. The new forms are available on our website and can be found here svllaw.com/resources/

The changes were made in consideration of Regulation F that recently took effect. Under Regulation F, a debt collector (which includes our law firm), must send an initial notice to the consumer advising them of their rights. This notice includes a validation of the debt. The validation of the debt information requires that we provide an itemization of the debt on the “itemization date.” The “itemization date” is defined as one of the following: (1) the charge-off date; (2) the date of last payment (the date that the last payment was applied to the debt or loan); (3) the transaction date (the date of the transaction which gave rise to the debt); or (4) the date of the judgment (if a judgment has been obtained).

As such, our firm had to update our assignment forms to seek the loan amounts as of a date that is consistent with the definition of itemization date in Regulation F. In the case of a charged-off loan, we will use the charge-off date. In the case of a loan that has not been charged-off, we will use the date of last payment. In the case of deficiency on sale of collateral, the itemization date will be the sale date (transaction date).