Michigan lawmakers adopted a resolution recognizing and commending DBA International for its efforts to protect consumers and creditors through its national Receivables Management Certification Program.
Sen. Margaret OBrien offered Senate Resolution No. 33, which was also sponsored by Steven M. Bieda, Darwin L. Booher, Jack Brandenburg, Goeff Hansen, Mike Kowall, Wayne A. Schmidt, Dale Zorn. The resolution was adopted with unanimous support from the Michigan legislature.
The resolution noted that the national standards contained in DBA Internationals certification program exceed state and federal laws and regulations through a series of requirements that stress responsible consumer protection through increased transparency and operational controls. It also included reference to DBAs requirement for all member companies that purchase receivables on the secondary market to become certified by March 1, 2016 as a requisite for membership in the trade association.
Michigan lawmakers concluded the resolution, "we hereby recognize and commend DBA International for its efforts to create a gold standard in receivables management for the protection of consumers and to provide additional assurances to banks, credit unions and other originating creditors that those companies they transact business with on the secondary market have committed to exceed the standards established by the state and federal government for the management and collection of receivables.
According to DBA International, by becoming a Certified Professional Receivables Company (CPRC), DBA members demonstrate to the financial services industry, regulators and consumers they comply with the highest ethical standards.
Company certifications are granted to debt-buying companies, as well as law firms and collection agencies, that comply with the uniform certification standards based on industry best practices including consumer complaint and dispute resolutions, data security, statute of limitations, registering with the CFPB, employee background checks, etc. Debt-buying companies holding the CPRC designation are required to submit to three distinct compliance audits, including audits performed by independent third-party auditors in order to maintain their certified status.
Read the resolution here.
Learn more about DBA Internationals certification program here.