Maine Amends Provision Related to Debt Collection
The state of Maine amended its provisions relating to debt collection. These provisions are effective on April 18, 2018 (or 90 days following adjournment of the current legislative session).
Sec. 1. 32 MRSA §11013, sub-§9, ¶D, as enacted by PL 2017, c. 216, §5, is amended to read: “The amount due at charge-off”
This bill amends the law regarding the information that a debt buyer must possess for purposes of debt collection. In current law, the debt buyer must possess the principal amount due the original creditor at charge-off, when the creditor removed the debt from its books as an asset and began to treat it as a loss or expense because payment was unlikely. Following the amendment it is clarified that the debt buyer must possess the total amount due at charge-off.
The full text of House Paper 1165 can be found here: http://legislature.maine.gov/legis/bills/getPDF.asp?paper=HP1165&item=1&snum=128
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