Minnesota Business Debt Attorney


Consumers are protected by the federal Fair Debt Collection Practices Act (FDCPA) as far as third party debt collectors hired to collect debts owed to others. This law forbids third party debt collectors from harassing or embarrassing debtors. Some of these forbidden practices include calling at inconvenient hours, disclosing personal information to friends, neighbors, co-workers, or family. It is prohibited to deceive debtors by concealing collection agency identities, their purpose in calling, or other misrepresentation. Consumers should know this law does not apply to “first” parties attempting to collect their own debts, such as banks and financial institutions.

The Consumer Financial Protection Bureau enforces federal consumer protection laws. The CFPB published a bulletin entitled, “Prohibition of Unfair, Deceptive, or Abusive Acts or Practices in the Collection of Consumer Debts.” This announcement gave notice that many FDCPA prohibitions will be enforced against companies who fall under the purview of the CFPB (first party debt collectors).

Call the law firm of Tarshish Cody PLC to confirm if you as a consumer have been injured and may qualify for claims against a debt collector who has contacted you. Our attorneys will schedule a free initial consultation. Call 952-361-5556.

Here is a list of prohibited acts that the Consumer Financial Protection Bureau will enforce against first party debt collections:

  • Collection or assessment of a debt (and additional amounts) in connection with a debt not expressly permitted by an agreement that created the debt or permitted by law
  • Failing to record payments in a timely and accurate manner, or failing to credit a consumer’s account with a payment received on time, and subsequently levying late fees against the consumer
  • Repossessing property without a legal authorization.
  • Providing a consumer’s debt information (without consumer’s consent) to a consumer’s employer or co-workers
  • Misrepresenting the legal status, amount, or character of a consumer’s debt
  • Representing a debt collection attempt as from an attorney
  • Representing that a debt collection message is from a government source or a source affiliated with the government
  • Falsely claiming information about payment or nonpayment will be furnished to a credit reporting agency
  • Falsely claiming that a consumer’s debt could be waived or forgiven by agreeing to a settlement offer, if the company does not actually issue a waiver or forgiveness
  • Representing that any action will be taken that is not made in good faith or without necessary authorization such as false threats to sue, to arrest, to prosecute, or to imprison for nonpayment of a debt

The declaration from the CFPB makes it clear that it will use its authority to prevent Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) by applying the FDCPA laws to first party debt collectors. That means companies that originate financial products and services who collect their own debts, must implement policies and procedures to prevent and find these prohibited acts if they exist in debt collection activities.

Contact a Tarshish Cody PLC attorney to assist in determining your rights under these consumer protection laws. We welcome your call today at 952-361-5556 (or fill out the free case evaluation form below) to help you through the legal issues of your business debt case.

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