On May 12, 2022, the Maryland Commissioner of Financial Regulation (the “Commissioner”) issued Industry Advisory Regulatory Guidance (the “Advisory”). The stated purpose for issuing the Advisory was two-fold: (1) to put the accounts receivable management industry on notice of the recent decision issued by the Court of Appeals for the Fourth Circuit in Ashly Alexander, et. al. v. Carrington Mortgage Services, LLC, Case No. 20-2359 (4th Circuit, January 19, 2022) and (2) to direct lenders and servicers to review their practices in charging consumer borrowers loan payment fees to ensure ongoing compliance and determine whether any improper fees have previously been assessed. MORE >

After significant efforts over the past two years, on May 22, 2022, Governor Tim Walz signed Minnesota SF 2922 into law. The work from home aspects of the bill, which went into effect on June 1, 2022, permit collection agencies licensed in Minnesota to continue allowing their staff to work from home or in a hybrid model. Before the bill was signed into law, it was passed by the Minnesota House of Representatives on a nearly unanimous vote and by the Senate on a unanimous vote. MORE >

On May 23, 2022, the California Department of Financial Protection and Innovation (“DFPI”) issued an electronic announcement notifying applicants and prospective applicants for a license under California’s Debt Collection Licensing Act (the “Act”) that FBI-mandated changes have caused unavoidable processing delays. MORE >