Massachusetts S2713 establishes fairness in debt collection by limiting interest rates, protecting earnings, and setting time limits for debt.

Massachusetts S2713, the Debt Collection Fairness Act, aims to ensure fairness in debt collection practices. It limits interest rates on consumer debts to a fixed rate of 3% per annum for judgments entered or renewed after January 1, 2025. The bill also protects consumers' earnings by exempting a significant portion from garnishment to satisfy a consumer debt judgment. Additionally, it sets a 10-year limit for commencing actions to collect consumer debts from the date of the judgment or decree.

Massachusetts S2713 establishes fairness in debt collection by limiting interest rates, protecting earnings, and setting time limits for debt.

Massachusetts S2713, the Debt Collection Fairness Act, aims to ensure fairness in debt collection practices. It limits interest rates on consumer debts to a fixed rate of 3% per annum for judgments entered or renewed after January 1, 2025. The bill also protects consumers' earnings by exempting a significant portion from garnishment to satisfy a consumer debt judgment. Additionally, it sets a 10-year limit for commencing actions to collect consumer debts from the date of the judgment or decree.