WASHIGNTON, D.C. –

The state government affairs committee of the American Financial Services Association recently published a white paper for its members on debt collection and the various ways state legislation and regulations are approaching these practices.

AFSA officials highlighted the paper explains how states are applying laws that have traditionally focused on third-party debt collectors to creditors, including recent efforts requiring creditors to comply with debt validation notice requirements.

The research document also covers state legislative developments that impose restrictions on communications with debtors and time-barred debt collection.

The association went on to mention its newest offering reviews various debt collection complaints and forthcoming rules from the Consumer Financial Protection Bureau.

“The paper emphasizes the importance of protecting consumers from abusive and deceptive debt collection practices,” AFSA said.

“It also makes clear that lawmakers must take into account the root causes of alleged problems with debt collection laws, such as understanding the costs and benefits of the laws as well as the potential reduction in access to credit if laws intended for third-party debt collectors are applied to creditors, which have entirely different business models and incentives,” the association added.

AFSA members can download the white paper by going to the association’s website at www.afsaonline.org.