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Third Virtual Roundtable Meeting on Collections, Loss Mitigation, and COVID-19

Sorenson Van Leuven is hosting its third virtual roundtable meeting on Collections, Loss Mitigation, and COVID-19. The meeting is set for Tuesday, April 21st, at 2:00 p.m. eastern time. We have allotted 90 minutes for this meeting. This meeting will include a presentation of helpful and timely information and a time for questions and answers.

The meeting will be held via Zoom, and we encourage you to log in using a computer, tablet, or smartphone so that we can see each other and participate in more of a “face to face” meeting. We ask that you RSVP for this event by emailing Whitney at whitneyw@svllaw.com no later than Monday April 20th, at 12:00 p.m. Upon receiving your RSVP, Whitney will send you an email with the password for entering the zoom meeting.

If you plan to attend, remember to mark your calendar and copy the link below into your calendar for future reference. We look forward to your participation.

Join Zoom Meeting

https://svllaw.zoom.us/j/8506335847

Meeting ID: 850 633 5847

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Meeting ID: 850 633 5847

Find your local number:
https://svllaw.zoom.us/u/ad9U3hc0jV

Virtual Roundtable Meeting on Collections, Loss Mitigation, and COVID-19

Sorenson Van Leuven is hosting a second virtual roundtable meeting on Collections, Loss Mitigation, and COVID-19. The meeting is set for Monday, April 13th, at 3:00 p.m. eastern time. We have allotted 90 minutes for this meeting. This meeting will include a presentation of helpful and timely information and a time for questions and answers.

The meeting will be held via Zoom, and we encourage you to log in using a computer, tablet, or smartphone so that we can see each other and participate in more of a “face to face” meeting. We ask that you RSVP for this event by emailing Whitney at whitneyw@svllaw.com no later than Saturday, April 11th, at 5:00 p.m. Upon receiving your RSVP, Whitney will send you an email with the password for entering the zoom meeting.

If you plan to attend, remember to mark your calendar and copy the link below into your calendar for future reference. We look forward to your participation.

Join Zoom Meeting

https://svllaw.zoom.us/j/700856167

Meeting ID: 700 856 167

One tap mobile
+19294362866,,700856167# US (New York)
+13126266799,,700856167# US (Chicago)

Dial by your location
+1 929 436 2866 US (New York)
+1 312 626 6799 US (Chicago)
+1 301 715 8592 US
+1 346 248 7799 US (Houston)
+1 669 900 6833 US (San Jose)
+1 253 215 8782 US

Meeting ID: 700 856 167

Find your local number:
https://svllaw.zoom.us/u/ad9U3hc0jV

CFPB Issues New Proposed Rule on Time-Barred Debt

CFPB Issues New Proposed Rule on Time-Barred Debt

On Friday, February 21, 2020, the CFPB issued a Supplemental Notice of Proposed
Rulemaking, proposing a rule to amend Regulation F, which implements the Fair Debt
Collections Practices Act (FDCPA). The new, supplemental proposed rule seeks to
amend an earlier proposed rule issued by the CFPB last May. The May 2019 proposed
rule was aimed at third-party debt collectors and was intended to create regulatory
guidance on compliance with the FDCPA. The May 2019 Proposed Rule has yet to be
adopted as a final rule.

The supplemental proposed rule requires
debt collectors to make certain
disclosures when collecting on timebarred
debts. A time-barred debt is a debt
where the applicable statute of limitations
has expired. The required disclosures
would require that a collector inform the
consumer that the debt is time-barred and
that the debt collector will not sue to
collect it. Further, if state law allows for the revival of the debt, the debt collector must
inform the consumer that revival can occur and the circumstances under which it can
occur. The supplemental proposed rule includes model notices to provide consumers
regarding the collection of time-barred debts.
The comment period runs for sixty days from the date that the supplemental notice of
proposed rulemaking is published in the Federal Register. SVL will continue to monitor
the CFPB’s actions to regulate debt collection and will provide information to our clients
regarding the same. We also will address any new regulatory issues at our seminar, The
SVL SourcExpo, in July. Additional information on the SVL SourcExpo can be found
here: www.svllaw.com/sourcexpo-2020/.

A Large Change to Small Claims Court

A Large Change to Small Claims Court

In a previous SVL update, we highlighted the changes to County Court Jurisdiction in Florida. (That SVL Update can be found under the News tab of our website: www.svllaw.com, where we explain that the Florida county court jurisdiction is increasing to $30,0000.00.) Considering those changes which take effect on January 1, 2020, the Florida Supreme Court has approved a new rule that changes the jurisdictional limits of small claims court. Currently, small claims court jurisdiction includes cases where the amount in dispute is up to $5,000.00. The new rule raises the limit to $8,000.00 effective January 1, 2020.

If your Credit Union handles its own small claims cases, you can now file suit on claims where the principal balance is $8,000.00 or less. If you do not take advantage of small claims court to pursue charge-off debts without the use of a lawyer, now may be the time to consider using it to increase your recoveries in 2020.

Should you have any questions about small claims court or need training on the pursuit of debts through small claims court, do not hesitate to contact one of the lawyers at SVL.