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At least one potential Massachusetts licensing requirement for passive debt buyers appears to have, finally, fallen by the wayside. Or has it? The recent Massachusetts Supreme Court holding in Dorrian v. LVNV Funding, LLC, 2018 Mass. LEXIS 229 (Mass. April 9, 2018) is a good one for the debt buying industry. The case involved a party that acquired consumer debts and loans, but outsourced all collection and servicing responsibilities to a party holding a Massachusetts debt collector license. The Supreme Court concluded that that such a party, commonly referred to as a "passive debt buyer," does not need a debt collector license in Massachusetts. article continued
Since 1994, certain real estate transactions have been exempt from federally imposed appraisal requirements. As of April 9, 2018, that group of exempt transactions now includes more commercial real estate transactions. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("Title XI") defines a "federally related transaction" as a real estate-related financial transaction that is regulated by a federal financial institutions regulatory agency and requires the service of an appraisal. In 1992, Congress amended Title XI to allow agencies to establish a threshold at or under which an appraisal is not necessary. article continued
Consideration is, generally, an admirable trait. Treating others with consideration provides much of the lubricant that makes civilization work. Consideration for your customers will probably reward you with money in your pocket. But that's not the sort of consideration this article is about. In my law school Contracts class, we learned that consideration means something different from making nice. Consideration is a requirement for the formation of a contract. Consideration exists when a party to a contract does something he was not otherwise required to do or refrains from doing something he was otherwise entitled to do. article continued
