fair debt collection practices act debt collector definition
Fair Debt Collection Practices Act The FDCPA broadly defines a debt collector as "any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another."[5] While the FDCPA generally applies only to third party debt collectors—not internal collectors for an "original creditor"—some states, such as California,[6] have similar state consumer protection laws which mirror the FDCPA, and regulate original creditors. In addition, some federal courts have ruled that a collector of debt is not a "creditor" but is rather a "debt collector" under the FDCPA where the collector of debt buys defaulted debt from an original creditor for the purpose of debt collection.[7][8][9] The definitions and coverage have changed over time. The FDCPA itself contains numerous exceptions to the definition of a "debt collector," particularly after the October 13, 2006, passage of the Financial Services Regulatory Relief Act of 2006. Attorneys, originally explicitly exempted from the definition of a debt collector, have been included (to the extent that they otherwise meet the definition) since 1986.
Medallion signature guarantee A medallion signature guarantee is a binding warranty, issued by an agent of the authorized guarantor institution, that: (a) the signature was genuine; (b) the signer was an appropriate person to endorse, and (c) the signer had legal capacity to sign. A medallion signature guarantee is not equivalent to an American Notarial act. One American Notarial act, called an acknowledgment, is a formal declaration made before an authorized public officer (i.e., notary public, judge, or justice). It is made by a person executing an instrument who states it was his "free act and deed". The three essential components of an acknowledgment are: (a) the personal appearance before an authorized public officer; (b) positive identification; (c) the actual acknowledgment of signing. Unlike medallion signature guarantees, the person executing many legal documents does not have to sign his name in the physical presence of the issuing officer (i.e., notary public, judge, or justice).