Bill > H2170

This bill aims to regulate debt collection activities, particularly concerning debts incurred for personal, family, or household purposes. It introduces new requirements for debt collectors, such as attaching contracts to complaints when suing consumers, providing detailed notices about acquired debts within 30 days of purchase, and obtaining substantial records before attempting to collect a debt. The bill also establishes a four-year statute of limitations for certain consumer contracts, starting 60 days after the last payment or purchase, and clarifies that the running of this period extinguishes the debt and any collection remedies. Furthermore, it prohibits debt collectors from contacting individuals aged 60 or older who have requested cessation of communication, with specific exceptions, and requires creditors to inform these individuals of their rights. The bill also addresses interest rates on judgments for consumer contracts, setting a variable rate capped at 10% annually, and mandates that prevailing consumers in debt collection lawsuits are entitled to reasonable attorney fees. Finally, it outlines penalties for debt collectors who fail to comply with these provisions, including actual damages, statutory damages up to $2,000 for individuals or a percentage of revenue for class actions, and court costs.