PENDING LEGISLATION REGARDING DEBT COLLECTION WE NEED OUR MEMBERS TO ACT NOW
Proposed language in a Senate bill and drafted language in a Democratic COVID-19 relief bill are troubling for NACM membership, and the proposed language would impact debt collection throughout the duration of the emergency declaration. Debt collection that commenced before the declaration could continue, but efforts to collect unpaid debts would be seriously curtailed.
The definition of a debt collector, as currently drafted, would include all NACM members. Business-to-business extension of credit is included in the collections prohibitions. Additionally, neither interest or fees could be added to unpaid debts after the end of the COVID-19 emergency. You can find details at https://www.nacmconnect.org/wordpress1/wp-content/uploads/2020PDF/CC/COVID-19-Legislation-Update.pdf
We need ALL NACM Connect members to write to their Congressional Representatives and Senators today. The sample letter you can find at this link https://www.nacmconnect.org/wordpress1/wp-content/uploads/2020PDF/CC/NACM-S-3565-Letter.docx
Please make time today to send these letters to your representatives. Passage as written could severely and negatively impact your collection activities.
Phillip Lattanzio, CCE
President and COO
NACM Connect is a trade association for commercial credit professionals. Virtually every business transaction that concerns another business involves credit, so NACM Connect provides services and information to assist its members in all facets of their work activities. The association offers credit groups, credit reports, credit references, credit application processing, collections services, credit law information and more.
In addition, NACM Connect provides education opportunities in credit, collections and related matters. Working toward the continuing professionalization of the credit management field is a continual high priority process. NACM Connect is an Affiliate of the National Association of Credit Management.
Association members are Credit Professionals across seventeen states including Connecticut, Illinois, Indiana, Kansas, Maine, Massachusetts, Michigan, Missouri, Nebraska, New Hampshire, New York, Ohio, Pennsylvania, Rhode Island, Vermont, West Virginia and Wisconsin. Member companies cover many industries including manufacturing, wholesale, service industries, financial institutions and many more. We provide a vital network through which credit professionals can interact and learn from each other by providing opportunities for members to come together for networking and other business purposes. NACM Connect also monitors legislative developments to assure sound credit laws and guard against fraud.
“NACM Connect is my go-to resource for obtaining credit information on my customers, as well as monitoring them. Sharing information with my customers’ common suppliers through my Industry Credit Group is the very best means of getting information to help me make real-time credit decisions. Other educational and networking events, including the social outings, keep me in touch with credit managers throughout the region.”