More than 60 bills that would impact the credit and collection industry were introduced in the past six months and considered during the New York Legislatures 2014 session that recessed last Friday.
There were conflicting reports circulating in the credit and collection industry about a state licensing bill being enacted in New York. Two bills, A.B. 455 and S.B. 219, were introduced regarding state licensing of debt collectors, but neither bill has passed the full legislature, according to ACA International, the largest association representing collection agencies and creditors.
Both bills are expected to remain under review by the Senate Consumer Protection Committee for the remainder of the year.
The legislature may reconvene if a critical issue needs to be reviewed.