Statement of Policy Regarding Communications in Connection with Collection of a Decedent’s Debt, Project No. P104806
There should be NO extension/broadening of debt collection powers. The debt collection industry has for decades abused its powers and taken advantage of people due to the lack of meaningful enforcement. If there scope of power to collect a debt is to be broadened, then the penalties for abuse of such powers must be significantly enhanced. The penalties should hold companies and employees accountable. An employee is less likely to abuse his or her power if the penalty results in significant financial fine or jail time. Fines for employees/individuals should start at $50,000 and/or 1 year in jail. Company penalties should be a minimum of $500,000 and/or the loss of the business license and prevent company officials from ever being in the debt collection industry in any capacity with any current, or future entity/entities from that day forward.