House of Representatives s3

HOUSE OF REPRESENTATIVES

REQUEST FOR INTERIM STUDY PROPOSAL

DATE: June 11, 2012

BY REPRESENTATIVE(S):

Martin, Steve

TOPIC OF THE PROPOSAL:

Consumer Protection With Regard to Collection Activities of Debt Buyers

EXPLANATORY COMMENTS ON THE SCOPE OF THE STUDY PROPOSAL:

Scope of the Study

The purpose if this interim study will be to discuss possible legislative solutions to protect Oklahoma consumers from overly aggressive debt collection practices utilized by debt buyers.

Many debt buyers/purchasers currently collect consumer debt, estimated to be in the billions of dollars, by utilizing many advanced technologies that were not in existence when current consumer protection laws were enacted. The central question of this study will be: “Does Oklahoma law need to be updated or modified to provide Oklahoma consumers with additional safeguards?”

Debt buyers have a right to collect legitimate debts which they have purchased. However, the means of collection should be reviewed in this age of social media, internet, robo-signing of affidavits, massive computer power, powerful phone banks and other advanced techniques and tools. A substantial number of cases relating to consumer abuse by debt buyers have been filed across the country and this issue is continuing to raise a number of unanswered questions. Is the state of Oklahoma doing what it should to protect its citizens from excessive or illegal practices? This interim study will provide a forum where experts including debt buyers, the debt collection industry, the legal community, consumer protection groups and others may come together to discuss the need for changes in existing law to allow debt buyers to continue to collect legitimate debts while simultaneously protecting consumers, particularly Oklahoma’s elderly, from harassment and illegal and/or obviously unjust collection techniques.

FILE IN CHIEF CLERK’S OFFICE PROPOSAL NUMBER 12-035

Last revision date: 6/11/2012 7:14:49 pm IF PRIVATE CITIZENS OR ORGANIZATIONS ARE TO BE NOTIFIED OF MEETING, LIST NAMES, ADDRESSES, AND E-MAIL ADDRESSES:

Click and type name and address Click and type name and address

FILE IN CHIEF CLERK’S OFFICE PROPOSAL NUMBER 12-035

Last revision date: 6/11/2012 7:14:49 pm