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Financial Services Law Insights and Observations
Massachusetts Regulator Issues Advisory Opinion On Debt Validation
Last month, the Massachusetts Division of Banks (DOB) issued an advisory opinion addressing whether an oral request by a debtor for certain records to validate a debt (pursuant to 209 CMR 18.18(3)) triggers a debt collector’s obligation to provide such documents within five business days. The DOB advised that a debt collector’s receipt of an oral request for such records from a consumer (or a consumer’s attorney) is sufficient to trigger the debt collector’s obligation and may serve to commence the five business day period in which the required response must be returned to the consumer.