The most important law to be familiar with is the Fair Debt Collection Practices Act, FDCPA. You must also be familiar with any state laws for the state you do business and the states your customers are in. Some sites for you to check out are:
and
The Fair Debt Collection Practices act is a federal law and you should keep a copy on your desk while doing any collection work. You want to follow this exactly to avoid any complications or violations.
Some other laws you may want to research are:
The Truth in Lending Act
The Fair Credit Billing Act
The Equal Credit Opportunity Act
The Fair Credit Reporting Act
Debt collectors can be fined up to $1,000.00 plus actual damages for violating the FDCPA. A collector who acted in good faith and made a bona fide error is not liable for such penalties. For more information on any of these laws or acts please see "Become the Squeaky Wheel".
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