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Colorado AG: Fewer debt collectors in 2010

A recent report from Colorado Attorney General John Suthers revealed that the number of debt collectors in the state had fallen during the last calendar year. The Denver Post reports that the office of the state's top attorney stated that the total number of collection officers had dropped by 19 percent in 2010 to a total of 410. The agency also revealed that the number of people trying to get short term loans rose by 7.3 percent to total 300,069, though the number could include people who got loans on multiple occasions. Debt collection agencies doing business in the state were forced to comply with new regulations that took effect on August 11, 2010. The new stipulations limited the amount of loans to $500 or less within six months and changed the fee arrangements as well, the news source reports. Other states have passed laws in recent years to restrict some of the sector's practices. In 2009, North Carolina enacted legislation that requires all debt collectors to provide the debtor with the original contract when pursuing the funds.