Bill > H4429

This bill proposes the Debt Collection Fairness Act, which aims to provide greater protections for consumers with regards to the collection of consumer debt. Key provisions include: exempting a larger portion of a consumer's wages from garnishment to satisfy a consumer debt judgment; establishing a 5-year statute of limitations on the collection of consumer debt; prohibiting imprisonment for failure to pay consumer debt; limiting interest rates on consumer debt judgments to 12% per annum (reduced to 3% for judgments entered after January 1, 2025); and allowing consumers who prevail in a consumer debt collection action to recover attorney's fees. The bill also clarifies that certain pension protections do not apply to consumer debt collection.

Joint Committee on Financial Services (Joint)

https://malegislature.gov/Bills/193/H4429