Florida Debt Collection Laws require valid registration by debt collection companies

Under the Florida Fair Debt Collection Practices Act (FFDCPA) 559.553, consumer debt collection agencies must be registered.

Florida debt collection laws require debt collection agencies to be duly registered to engage in debt collection business in the state. These companies are requires to maintain a proper valid registration to do business in Florida. This statute came into existence from January 1, 1994 that demands each consumer collection agency in the debt collection business in Florida to renew registration annually (FFDCPA 559.555)

Registration by debt collection should be complete in all respects and applicable registration fee should be paid. The registrar's office may reject an application by a prospective registrant if the registrant or any principal of the registrant held a professional license or state registration and that was revoked or suspended and was not explained by the registrant. Not explaining the revocation or suspension to the satisfaction of the registration office or after a notice from the office attracts a rejection of the application. Such rejection is informed to the debt collection company.

This registration process is not applicable to any original creditor trying to collect debt or a member of the Florida Bar. This process is also not applicable to financial institutions authorized to do business in the state or their subsidiaries, real estate brokers, insurance companies authorized to do business in the state or any consumer finance company and wholly owned subsidiary thereof. This registration process also exempts out of state consumer debt accounts for collection from creditors with business presence in Florida and FDIC insured institutions.

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Student debts are on an increase in our country

Student debts are on a rise in our country per the National Center for Education Statistics (NCES) reports. According to these reports two thirds of students in America have debts with an average of $19,237 student loan debt after graduation. The median debt load is $17,120 with a quarter of undergraduates borrowing more than $25,000 and a tenth borrow more than $35,000.

These debt totals are much higher for students pursuing graduate degrees. Graduate students add tens of thousands of dollars on top of their original student debt. Depending on the degree, average debts range from $42,000 to $126,000. It makes one consider if it’s really worth going for that MBA.

College education in our country is expensive and every year students going to college get into loans for their tuition. Tuition every year is increasing at an alarming rate which is more than the rate of increase of cost of living.


Read full article at : http://yourcollectionrights.com/post/Student-debts-are-on-an-increase-in-our-country.aspx