Event to focus on debt collection practices

Reforms to how many state agencies address outstanding payments has put the debt collection industry in the spotlight. A symposium to be held on October 15 at The George Washington University Law School will bring together lawyers and judges from across the nation to discuss the collection environment in the United States. The event is being put on by the National Association of Retail Collection Attorneys (NARCA).

To be held in Washington D.C., insideARM says four separate panels will address various topics relating to debt collection. One will discuss the process and usefulness of the court system as an adequate method of debt settlement, while another will focus on consumer regulations and why collection firms employ attorneys.

Also, a group will explore the interests of consumers debtors, and the fourth panel will address the importance of the collection industry to the economy.

Debt payment law is in a transitional period at the moment across the country. In several states, legislation is pending that would change the manner in which state agencies can attempt to collect on outstanding payments. Recently, the Boston Globe reported that the Massachusetts District Attorneys Association is pushing a bill that would make debt agencies working for district attorneys exempt from some regulations.

In Louisiana, the state House of Representatives recently approved legislation that would create a state-run debt collection office within the Department of Revenue, according to The Advocate. If ratified by the Louisiana Senate, the bill would allow the state to centralize debt collection.

With so many pending changes to laws throughout the country, the symposium held by NARCA could be enlightening for many in the industry. In a field that is riddled with state-specific regulations and the desire for reform, staying on top of trends and listening to the experts can only be beneficial.