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Debt Collection Articles

General Credit related blogs by

Marcadis Singer, PA

Florida Debt Collection Attorneys & Creditors’ Rights.

Why Timing is Key in Debt Recovery

Why Timing is Key in Debt Recovery

Businesses that fail to promptly act on debt collection risk not having the funds to operate. With customers who fail to pay on time, businesses can struggle to meet their financial obligations, leading to many problems. By understanding debt collection laws and taking proactive steps to collect overdue payments, businesses can avoid financial hardship and maintain their bottom line.

US CFPB Publishes Final Rule for Small Business

US CFPB Publishes Final Rule for Small Business

The US Consumer Financial Protection Bureau has issued a final rule mandating covered financial institutions to collect and report data regarding their small business lending activities, in compliance with Section 1071 of the Dodd-Frank Act. The final rule, which was published on March 30, 2023, requires lenders to collect extensive data about the transaction, the small business applicant, and the principal owners of the business. The implementation process will be challenging, particularly for lenders who do not currently comply with the Home Mortgage Disclosure Act reporting requirements. The final rule also includes requirements for protecting sensitive data and avoiding discrimination.

Uncover the Risk of Fraudulent Transfers: A Creditor’s Guide

Uncover the Risk of Fraudulent Transfers: A Creditor’s Guide

Creditors faced with the issue of fraudulent transfer must:

Identify fraudulent transfers by investigating financial transactions and relationships
Understand the timing of the transfer and the potential impact on recovery
Evaluate the value of the transferred assets and whether they were made for less than fair market value
Prove intent to defraud by demonstrating that the transfer was made to avoid debt payments
Consider the cost of pursuing fraudulent transfers and the likelihood of success

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