Debt buying group DBA recently worked in tandem with ACA International to update existing debt collection
rules in the state of Florida, insideARM reports. The Florida Financial Services Commission recently published the modified legislation, which aims to address proper retention, storage and destruction of financial information, as well as introduce a new fine system. In accordance with the new proposals, debt collectors must now keep records such as an assignee's bill of sale, payments made by a debtor, form letters and stationary, documentation of debt provided by the creditor and the amount of debt at the time of receipt. Furthermore, the rule addresses the length of time an agency can keep records on file. The collection firm must maintain documents for at least three years from the date collection efforts have ceased. A written procedure for proper disposal of the documents must also be in place. The new requirements are scheduled to go into effect on October 25. According to the Consumerist, the debt collection business raked in revenues of $17 billion nationwide last year.