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Slovin & Associates Co LPA
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Creditor's Rights and Collection Law Firm
Creditor's Rights and Collection Law Firm

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The Kentucky Supreme Court recently held that a debt collection agency seeking prejudgment statutory interest on a “charged off” credit card account was in violation of the Federal Fair Debt Collection Practices Act (FDCPA). Unifund CCR Partners v. Harrell, 2017 Ky. LEXIS 86 (16 Feb 2017). 

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The Kentucky legislature recently passed HB223 which changes the State’s post-judgment interest rate. Kentucky Governor Matt Bevin signed the bill into law on March 16, 2017 and it is scheduled to take effect at the end of June.

KRS 360.040 determines the interest rate on judgments and in its current form sets a rate of 12% for judgments. Judgments based on written obligations however, receive the interest rate agreed to in the writing.

HB223 halves the statutory interest rate to 6% for most judgments with exceptions for child support and disability payments. Judgments based on contracts, promissory notes, or other written obligations will continue to accrue interest at the rate set by the writing. The bill only affects judgments entered after the effective date of the bill.

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On February 3rd, President Trump signed an executive order, marking the President’s first official step towards his plan to scale back on financial regulations. Presidential Executive Order on Core Principles for Regulating the United States Financial System, signed 3 Feb 2017. The order directs the Secretary of the Treasury and the Financial Stability Oversight Council (FSOC) to conduct a comprehensive review of current financial industry rules and regulations, including a review of the Dodd-Frank Act of 2010, which, among other things, created the Consumer Financial Protection Bureau (CFPB). Dodd-Frank Wall Street Reform and Consumer Protection Act, codified at 124 Stat. 1376 (2010). This executive order jeopardizes the future of the Dodd-Frank Act and the CFPB.

The Dodd-Frank Act, a law enacted during the Obama administration in response to the 2008 financial crisis, increased the number of regulations in the financial services industry. The Trump Administration has vocally opposed Dodd-Frank and the CFPB, criticizing that they fail to “address the causes of the financial crisis.” Press Briefing by Press Secretary Sean Spicer (3 Feb 2017), available at https://www.whitehouse.gov/the-press-office/2017/02/03/press-briefing-press-secretary-sean-spicer-232017-8. Press Secretary Sean Spicer called the Dodd-Frank Act a “disastrous policy” as he unveiled the executive order. Id. The order directs the Secretary of the Treasury and the FSOC to identify rules and regulations that are a detriment to economic growth, and to report findings to the President within 120 days.

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On December 8, 2016 the Ohio Senate unanimously passed revisions to Ohio Revised Code section 2329 regarding dormant judgments and the bill now awaits the expected signature of Governor Kasich. In Ohio, a judgment would become dormant if execution was not issued upon the judgment for a 5 year period. Revised Code Section 2327.01 defined “execution” specifically as a writ of execution or a certificate of judgment lien. Garnishments and other proceedings in aid of execution were not considered “execution” for purposes of keeping a judgment active and out of dormancy. However, with the new revisions to Section 2329, an order of garnishment will now also keep an Ohio judgment from becoming dormant. The revisions to 2329.07(B)(1)(c) provide that “An order of garnishment is issued or is continuing, or until the last garnishment payment is received by the clerk of courts or the final report is filed by the garnishee, whichever is later.”

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The Consumer Sales Practices Act (CSPA) is an Ohio statute governing consumer transactions that limits a number of specific business practices as well as more general prohibitions against unfair and deceptive acts by businesses against consumers. As the Ohio Supreme Court recently held however, a number of transactions and businesses are specifically exempted from the statute and its prohibitions. In this case, cost estimates provided by insurers are not required to follow the CSPA’s requirements.

6th Circuit Upholds TCPA Dismissal in Healthcare Admissions Case

http://www.sclpa.com/6th-circuit-upholds-tcpa-dismissal-in-healthcare-admissions-case/

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Court determined that the limitation of liability provision in a home inspection contract was not unconscionable and thereby did not violation the Ohio Consumer Sales Practices Act.

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Ohio Supreme Court recently held that ALL members of a plaintiff’s class action alleging violations of the Ohio Consumer Sales Practices Act (“OCSPA”) must have suffered actual injury as a result of the alleged conduct to maintain an action.
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