New York Codes, Rules and Regulations
Title 23 - FINANCIAL SERVICES
Chapter I - Regulations of the Superintendent of Financial Services
Part 1 - DEBT COLLECTION BY THIRD-PARTY DEBT COLLECTORS AND DEBT BUYERS
Section 1.5 - Debt payment procedures

Universal Citation: 23 NY Comp Codes Rules and Regs ยง 1.5

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Within five business days of agreeing to a debt payment schedule or other agreement to settle a debt, a debt collector shall provide the consumer with:

(1) a written confirmation of the debt payment schedule or other agreement to settle the debt. This written confirmation shall include all material terms and conditions relating to the payments and schedule to which the consumer agreed; and

(2) the following notice:

"If a creditor or debt collector receives a money judgment against you in court, state and federal laws may prevent the following types of income from being taken to pay the debt:

1. Supplemental security income, (SSI);

2. Social security;

3. Public assistance (welfare);

4. Spousal support, maintenance (alimony) or child support;

5. Unemployment benefits;

6. Disability benefits;

7. Workers' compensation benefits;

8. Public or private pensions;

9. Veterans' benefits;

10. Federal student loans, federal student grants, and federal work study funds; and

11. Ninety percent of your wages or salary earned in the last sixty days."

(b) If a consumer agrees to a debt payment schedule or other agreement to settle a debt, the debt collector shall provide the consumer with an accounting of the debt on at least a quarterly basis while the consumer is making scheduled payments.

(c) Within 20 business days of the receipt of a payment satisfying a consumer's debt, the debt collector shall send to the consumer a written confirmation of the satisfaction of the debt that identifies the original creditor and the account number.

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