State Law UpdatesNew Hampshire New Hampshire bill HB-1687 amends provisions related to the retail installment sales of motor vehicles, small, title, and payday loan provisions. Another state's bill SB-314 provides a rebuttable presumption that an individual is not engaged in the business of a mortgage banker, broker, servicer, or originator if the individual is not involved in more than three (3) loans in any consecutive twelve (12) month period. FDCPA: "Mini-Miranda" NotificationsBY SVIATLANA LIASHCHYNA
All foreclosure law firms provide “mini-Miranda” disclosures in all their written and oral communications with a customer. The firms provide these disclosures to comply with the Fair Debt Collection Practices Act (FDCPA) requirements[1] and contractual requirements; however, the FDCPA is not clear whether it applies to the foreclosure law firms. Considering the judicial interpretation differences, firms are left with the question of whether their “mini-Miranda” disclosure should state “the firm MAY be deemed to be a debt collector” or “the firm IS deemed to be a debt collector.” Although certain jurisdictions have not yet addressed whether the actions completed by law firms during the foreclosure proceedings fall under the FDCPA requirements[2], the courts that have rendered their opinion on this matter mostly considered the following:
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