Are there any laws and regulations governing debt relief law?

In California, debt relief is regulated by both state and federal laws, as well as regulations from the Federal Trade Commission. The most important laws and regulations protecting Californians from predatory debt relief services and companies are the California Finance Lenders Law (CFL) and the Rosenthal Fair Debt Collection Practices Act (RFDCPA). CFL is a state law that requires debt relief companies to be licensed by the Department of Business Oversight and to comply with certain requirements, such as providing clear and accurate fee disclosures, providing a written agreement outlining the services to be provided, and maintaining a surety bond or some other form of security. The CFL also limits the fees that can be charged and the actions that debt relief companies can take in order to be considered compliant. The RFDCPA is a federal law that prohibits debt collectors from taking certain actions, such as the use of threats, harassment, or public disclosure of a debt, and provides consumers with a right to dispute debts and receive written notifications of debt. Additionally, the RFDCPA prohibits debt collectors from suing consumers over a debt if they do not have an agreement in writing that was signed by both parties. Overall, these laws and regulations provide important protections for individuals seeking debt relief services in California. They require debt relief companies to be licensed, limit the fees they can charge, and provide individuals with a right to dispute and receive notifications of any debts that are in dispute.

Related FAQs

Are there any government programs that offer debt relief?
What if the debt relief law firm I choose does not have a good track record?
How can I find out if my debt is eligible for debt relief law?
What if I cannot find a lawyer to help me with debt relief law?
How can I determine if debt relief law is the right option for me?
Are there any laws and regulations governing debt relief law?
What are the different types of debt relief law?
Does debt relief law negatively affect my credit score?
How long does it take to complete the debt relief law process?
Does debt relief law require me to talk to my creditors?

Are there any laws and regulations governing debt relief law?

Related FAQs

Related Blog Posts