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Financial Services Law Insights and Observations

New York guidance excludes debt collection from essential businesses or entities

State Issues Covid-19 New York Debt Collection Bank Compliance Banking Lending

State Issues

On April 28, New York updated its guidance on Executive Order 202.6 relating to determining whether a business enterprise is subject to a workforce reduction under recent executive orders addressing Covid-19. The updated guidance provides that essential financial institutions include banks or lending institutions, insurance, payroll, accounting, and services related to financial markets, with the exception of debt collection services.

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