Oklahoma passes new debt collection regulation

Debt collection services in Oklahoma may face a more adverse business environment in coming months, as the state Senate passed a law this week intended curb abuses by unregulated debt collectors. While the legislation is aimed at illegal recovery practices, legitimate collection specialists may still face a heightened regulatory environment as a result. The Bartmann Ethical Debt Collection Act, passed in the Senate 40 to 2, will now move to the House. According to Tulsa-based CFS CEO Bill Bartmann, the bill is pro-business and designed to create a level playing field that encourages competition between more ethical collection firms and larger out-of-state debt buyers. It has been endorsed by both large and small debt companies. "The overwhelming support of this bill sends a clear message to criminal debt collectors that they are not welcome in Oklahoma," Bartmann said in a statement. "The Consumer Financial Protection Bureau and its director Richard Cordray are attacking debt collection abuse at a federal level, but Oklahomans deserve local protection from our state authorities." Debt collectors are advised to deploy ethical practices, ID verification and other precautions when recovering legitimate dues. Such due diligence may help curb the regulatory environment in the long-run.