Amends the banking law to regulate consumer debt collectors in New York.

This bill amends the banking law to establish licensing requirements for consumer debt collectors, sets minimum standards and regulations, and establishes penalties for violations. It prohibits consumer debt collectors from engaging in unfair, unconscionable, deceptive, false, misleading, abusive, or unlawful acts. It also nullifies judgments obtained by unlicensed collectors and requires a surety bond. The superintendent of financial services has the authority to suspend or revoke licenses and to establish minimum standards.

Amends the banking law to regulate consumer debt collectors in New York.

This bill amends the banking law to establish licensing requirements for consumer debt collectors, sets minimum standards and regulations, and establishes penalties for violations. It prohibits consumer debt collectors from engaging in unfair, unconscionable, deceptive, false, misleading, abusive, or unlawful acts. It also nullifies judgments obtained by unlicensed collectors and requires a surety bond. The superintendent of financial services has the authority to suspend or revoke licenses and to establish minimum standards.