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The Federal Debt Collection Procedures Act of 1990 (FDCPA), Title XXXVI of the Crime Control Act of 1990, Pub. L. No. 101-647, 104 Stat. 4789, 4933 (Nov. 29, 1990), is a United States federal law passed in 1990, affecting collection of money owed to the United States government. The FDCPA preempts state remedy laws in most circumstances.
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
In 1986 a state court appointed a receiver, Louis Schimmel, for the city of Ecorse which had a $6 million deficit. The court appointed receivership lasted until 1990. [1]The financial emergency status, along with the Emergency Financial Manager (EFM) position, was first created in Public Act 101 of 1988 for the specific emergency in Hamtramck.
The debt collection industry which includes debt buyers, "in-house collection departments, third-party collection agencies, and collection attorneys", recover and return "billions of dollars in delinquent debt" to "card issuers and other creditors" annually which "increase[s] the availability of consumer credit and reduce[s] its cost". [2]
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.
In May 2009, the Fraud Enforcement and Recovery Act of 2009, or FERA, Pub. L. 111–21 (text), 123 Stat. 1617, S. 386, public law in the United States, was enacted. The law takes a number of steps [ 12 ] to enhance criminal enforcement of federal fraud laws, especially regarding financial institutions , mortgage fraud, and securities fraud or ...
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In 1732, the Parliament of Great Britain passed legislation entitled “The Act for the More Easy Recovery of Debts in His Majesty’s Plantations and Colonies in America”, sometimes known as the Debt Recovery Act 1732 (5 Geo. 2. c. 7), which required all land and slave property in British America to be treated as chattel for debt collection ...