1788.50
Effective Jan 1, 2014Added by Stats. 2013, Ch. 64, Sec. 2. (SB 233) Effective January 1, 2014.
(a) As used in this title:
- (1) “Debt buyer” means a person or entity that is regularly engaged in the business of purchasing charged-off consumer debt for collection purposes, whether it collects the debt itself, hires a third party for collection, or hires an attorney-at-law for collection litigation. “Debt buyer” does not mean a person or entity that acquires a charged-off consumer debt incidental to the purchase of a portfolio predominantly consisting of consumer debt that has not been charged off.
- (2) “Charged-off consumer debt” means a consumer debt that has been removed from a creditor’s books as an asset and treated as a loss or expense.
- (b) The acquisition by a check services company of the right to collect on a paper or electronic check instrument, including an Automated Clearing House item, that has been returned unpaid to a merchant does not constitute a purchase of delinquent consumer debt under this title.
- (c) Terms defined in Title 1.6C (commencing with Section 1788) shall apply to this title.
- (d) This title shall apply to debt buyers with respect to all consumer debt sold or resold on or after January 1, 2014.