The ruling on late charges restrictive endorsements are illegal now after 1996 the FTC has more info on this .
The ruling on late charges Restrictive endorsements are illegal now after 1996 fun4u2 +==========+ This is state regulated. Restrictive endorsements are legal in some STATES but not in others. BTW: The issue I was addressing has nothing to do with a restrictive endorsement. Re Read my post again and it ought to become quite clear that the post was not referring to restrictive endorsement. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
The ruling on late charges lbrown59 in response to your last posting I was addressing cinderellas question about restictive endorsements . and they are a federal issue not state by state. ck out the FTC and you will see this posted on their regulations.
Thinking out loud here. If this were true, then an OC and a CA could not BOTH report TL on a single account that was sold. Follow my line or reasoning? What am I missing here?
The ruling on late charges cinderella I wanted to clarify a posting i think that there may have been a misunderstanding somewhere. in regards to OC and CA Senerio, an OC has SOLD your acct that is currently listed on your CR . you can dispute the OC TL with the CRA and state that they have no legal right to report that info & it must be deleted due to the fact this co no longer has the acct to verify it. information can not be reported if its inaccurate and unverifable FCRA I did this personally and the OC TL was deleted, however this gives opportunity for the CA now collecting the acct to add their TL to the report, this can be disputed as well with the CRA and the CA.
The ruling on late charges let me rephrase this no 2 companies can claim that the same debt is owed to them simulataniously.
The ruling on late charges goldhummin you are correct, I have asked an attorney this same question if an acct could be reported twice? ex: sears sold/ transferred must state 0 balance if it was sold Ca reporting TL Am collection opened 10/00 closed 1/03 bal 300.00 dol 8/00 statements OC sears the same acct can not be listed twice unless theOC has listed this acct with a 0 bal. no 2 companies can claims rights to the same debt. being due.
The ruling on late charges you want to make sure who has the legal right to report and collect that acct. to ensure proper credit.
The ruling on late charges in order for the same acct to be listed on your report by 2 different co. one acct must be showing as paid. l
Re: The ruling on late charges Do you have a link to something that shows this? If it is done properly, restrictive endorsement can be used with accord and satisfaction if a legitimate dispute exists. Here is an article about the rules in Texas http://www.peopleslawyer.net/contracts/q19.html
I believe this may be the DanceRat strategy that was referred to. Looks good to me! http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=25982
Re: The ruling on late charges palerider when I get a chance later i will look it up and post it here for everyone
Re: The ruling on late charges What the Rule Requires The Credit Practices Trade Regulation Rule has three major provisions. First, it prohibits creditors from using certain contract provisions that the Federal Trade Commission found to be unfair to consumers. The prohibited contract provisions are confessions of judgment, waivers of exemption, wage assignments, and security interests in household goods. Second, the Rule requires creditors to advise consumers who cosign obligations about their potential liability if the other person fails to pay. Third, the Rule prohibits late charges in some situations. Who Must Comply This Rule applies to all creditors subject to the jurisdiction of the Federal Trade Commission. It includes all finance companies, retailers (such as auto dealers and furniture and department stores), and credit unions that offer consumer credit contracts. Similar rules have been passed by the Federal Reserve Board and the Federal Home Loan Bank Board for banks, savings and loan associations, and other institutions under their jurisdiction. What Transactions Are Covered The Rule covers all consumer credit transactions, except those involving the purchase of real estate. It covers loans made to consumers who purchase goods or services for personal, family, or household uses, even though those loans may be secured by real estate owned by the consumers. The Rule also applies to the sale of goods or services under lease-purchase plans. However, contracts with your customers signed before March 1, 1985, which contain the four prohibited provisions -- confessions of judgment, waivers of exemption, wage assignments, or security interests in household goods -- are enforceable and not in violation of the Rule. Similarly, you may collect debts from cosigners who became obligated before the effective date of the Rule, even though they did not receive the notice that the Rule requires. On the other hand, after March 1, 1985, you may not collect late fees that are prohibited by the Rule, even if the contract was signed before that date. How Penalties Are Assessed The Federal Trade Commission can sue violators of the Credit Practices Rule in federal court. The court can impose civil penalties of up to $10,000 for each violation and can issue an order prohibiting further violations. How Exemptions Are Granted A state may petition the Commission at any time for a state-wide exemption from any of the Rule's provisions, as noted under 16 C.F.R. Section 444.5 of the Rule. If the Commission finds that the state law affords a level of protection to consumers that is substantially equivalent to, or greater than the protection afforded by the Rule and the state has the ability to enforce and administer that law effectively, an exemption may be granted. Filing an exemption petition, however, does not stay the Rule, which remains in effect in that state until the exemption is granted. Any person to who the Credit Practices Rule applies, including creditors, also may petition the Commission for exemption from any of the Rule's provisions (Federal Trade Commission's Rules of Practice, 16 C.F.R. Section 1.16). How to Comply with the Rule This section points out the important parts of the Rule and explains how to comply. It discusses the prohibition against certain contract provisions; the required use of a certain cosigner notice; and the prohibition against late charges in certain situations. Prohibited Contract Provisions Certain consumer provisions, which you may have used in consumer credit contracts, are now prohibited. These include: confessions of judgment; waivers of exemption; wage assignments; and security interests in household goods. If your consumer credit contracts contain language that requires a debtor to confess judgment, to waive exemptions, to assign wages or income, or to give you a blanket security interest in all household goods, you should remove that language from all contracts signed on or after March 1, 1985. If you have not done so, you are in violation of the Rule.
Re: The ruling on late charges http://www.ftc.gov/bcp/conline/pubs/buspubs/complcred.htm complying with credit practices rule
Re: The ruling on late charges That is a wonderful article about what creditors cannot put in contracts in a credit transaction. But, I don't see anything that would outlaw restrictive endorsements. Accord and Satisfaction is covered under UCC (in Texas). It is a completely new contract with your terms, which could include which state laws govern the contract. Along with a restrictive endorsement, if allowed in your state, this is very useful in settlement of debt.
Re: Re: The ruling on late charges Me neither, but it's a great post. I found a site that is somewhat informative about restrictive endorsement, and mentions something about states too. http://www.carreonandassociates.com/accord-satisfaction-restrictive-endorsement.htm I hope this helps.
Re: Re: The ruling on late charges same terms different title still illegal. state law can not conflict with Federal law you can argue supreme court cases as such I will try to look some up and post them it may be a day or so knida backlogged. incase you want to research yourself go to findlaw.com and look up US codes & Statutes.
Re: Re: The ruling on late charges I will also ck out supreme court cases that may deal with Texas. and post info about your question.
