Bill Summary for S 63 (2011-2012)

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Summary date: 

Feb 10 2011
S.L. 2011-320

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 63 (Public) Filed Thursday, February 10, 2011
TO SPECIFY THAT CERTAIN PERSONS ARE NOT SUBJECT TO THE STATUTES GOVERNING COLLECTION AGENCIES.
Intro. by Jenkins.

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Bill summary

Amends GS 58-70-15 to expand the list of persons or entities not subject to the collection agency statutes to include a person, firm, corporation, or association attempting to collect or collecting a debt owed or asserted to be owed or due to another if the collection activity meets one or more of the following criteria: (1) is incidental to a bona fide escrow arrangement, (2) concerns a debt that was originated by such person, (3) concerns a debt that was not in default at the time it was obtained by such person, or (4) concerns a debt obtained by such person as a secured party in a commercial credit transaction. Effective July 1, 2011.