What Rights Do Florida Borrowers Have?
When you owe a significant amount of debt you cannot repay, it can feel as though you do not have any rights. In fact, creditors and debt collection companies may even tell you that you do not have any rights in this situation. Fortunately, that is not true. Being owed a debt does not mean that creditors and debt collectors can act in any manner they choose. In fact, you have many rights and creditors and debt collectors alike are prohibited from taking certain actions. Below, our Florida creditor harassment lawyer explains the law, and your rights under it.
The Federal Fair Debt Collection Practices Act
In 1978, the federal Fair Debt Collection Practices Act (FDCPA) was enacted to protect borrowers against deceptive, abusive, and unfair debt collection practices. The FDCPA is only applicable to third party debt collectors and does not apply to creditors. It also applies only to consumer debts, such as family, personal, and household loans. The FDCPA does not extend to business debt. Under the law, debt collectors are defined as debt collection companies, third party debt collectors, and debt collection lawyers acting as debt purchasers and debt collectors.
The Florida Consumer Collection Practices Act
Like the federal FDCPA, The Sunshine States also has its own state law known as the Florida Consumer Collection Practices Act (FCCPA.) This state law largely mirrors the federal Act, but it does extend its scope. The FCCPA applies to debt collectors as well as original creditors, unlike the FDCPA. The law also requires debt collection agencies in Florida to register and renew their registration every year. The institutions and individuals who are required to register are as follows:
- Financial institutions authorized to conduct business in Florida
- Original creditors
- Members of the Florida Bar
- Real estate and insurance professionals
Borrowers’ Rights Under the Law
Both the FDCPA and the FCCPA provide borrowers with many rights. These include the right to:
- Obtain clear and accurate information about the loan, including its repayment terms, the interest rate, and fees
- Receive a loan agreement in writing
- Dispute incorrect information
- Fair treatment without discrimination based on race, gender, religion, or national origin
- Privacy
- Not be treated very early in the morning or very late at night
- Not be contacted at work when the borrower’s employer prohibits it
- Not be subjected to threats of violence or arrest if debt is not repaid
The above are just a few of the rights borrowers have when they owe debt. If you feel as though a creditor or debt collector has violated your rights, it is critical to speak to a Florida creditor harassment lawyer who can advise on your case and the next steps to take.
Our Creditor Harassment Lawyer in Florida is Here to Help
Even when you owe a significant amount of debt, you still have rights. At Nowack & Olson, PLLC, our Florida creditor harassment lawyer can advise you of what those are as well as if a creditor or debt collector has violated them. Reach out to us to schedule a consultation and to get the legal help you need.
Sources:
ftc.gov/legal-library/browse/statutes/fair-debt-collection-practices-act
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0500-0599/0559/0559PARTVIContentsIndex.html
