Establishes licensing requirements and regulations for consumer debt collectors in New York.

The bill sets minimum standards and regulations for consumer debt collectors, requiring them to obtain a license from the superintendent of financial services. It outlines the application process, fees, and bond requirements for licensing. The bill also establishes prohibited acts for consumer debt collectors, such as unfair or deceptive practices, and sets penalties for violations. Additionally, it mandates record-keeping and reporting requirements, and grants the superintendent authority to investigate and examine consumer debt collectors.

Establishes licensing requirements and regulations for consumer debt collectors in New York.

The bill sets minimum standards and regulations for consumer debt collectors, requiring them to obtain a license from the superintendent of financial services. It outlines the application process, fees, and bond requirements for licensing. The bill also establishes prohibited acts for consumer debt collectors, such as unfair or deceptive practices, and sets penalties for violations. Additionally, it mandates record-keeping and reporting requirements, and grants the superintendent authority to investigate and examine consumer debt collectors.