SB 706
Consumer debt: charged-off debts.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Judiciary
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill would restrict the sale and assignment of charged-off consumer debts to debt buyers, prohibiting them from being sold more than one year after the debt was initially charged off. It also requires creditors to notify consumers when their debts are sold. Furthermore, the bill sets a timeline for bringing legal action to recover these debts, delaying lawsuits until at least two years after a consumer receives a notice of default or delinquency, or 90 days after the debt is charged off, but not exceeding one year from the charge-off date.
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