June 20, 2017 (Sacramento, CA) – On Friday, June 16, Maine Gov. Paul LePage signed into law HP 836 (LD1199), which added new requirements to the Maine Fair Debt Collection Practices Act for companies that purchase receivables on the secondary market. The law requires debt buying companies to possess specific account-level data and documents prior to collecting a debt and ensures this information is provided to the consumer and court if legal action is pursued.

Receivables Management Association International (RMA) is appreciative of the efforts of the bill’s sponsor, Rep. Heather Sanborn, to work with the association and the broader business community to ensure that the enhanced consumer protections contained in the bill could be operationalized by the receivables management industry.

“RMA is pleased with the consumer protections adopted in Rep. Sanborn’s bill as they are highly consistent with the rigorous national-leading standards contained in RMA’s Certification Program,” indicated Mark Naiman, RMA Board President. As a result, RMA does not expect this new law to result in any major compliance concerns for RMA certified companies but plans to monitor the implementation of the new requirements to identify any unintended consequences that might occur.

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About Receivables Management Association International (formerly DBA International)

Receivables Management Association International is the nonprofit trade association that represents more than 550 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to its rigorous uniform industry standards of best practice which focus on the protection of the consumer. Receivables Management Association International provides its members with extensive networking, educational, and business development opportunities in asset classes that span numerous industries. The association continually sets the standard in the receivables management industry through its highly effective grassroots advocacy, conferences, committees, task forces, publications, webinars, teleconferences, and breaking news alerts. Founded in 1997 as Debt Buyers Association, Receivables Management Association International is headquartered in Sacramento, California.