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Senate approves Debt Collection Fairness Act to expand protections for consumers
Summary
The Senate passed An Act Relative to Fairness in Debt Collection (Senate No. 2551), adopting Ways and Means technical changes and approving provisions that raise garnishment protections, lower judgment interest rates, prohibit imprisonment for consumer debt, and shorten the statute of limitations on consumer debt claims.
The Massachusetts Senate approved An Act Relative to Fairness in Debt Collection, Senate No. 2551, sending the bill to be engrossed after adopting a Ways and Means amendment. The sponsor described the measure as the Debt Collection Fairness Act (DCFA) and outlined four primary reforms.
Sponsor remarks said the bill would (1) raise the protected garnishment threshold from 50 times the minimum wage to 65 times (the speaker cited $975 as an example), or 90% of gross wages, whichever is greater; (2) reduce the post-judgment interest rate on consumer debt judgments (sponsor cited a change from "12% to 3%" in remarks);…
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