SB 1430 Summary: Bartmann Bill for Ethical Debt Collection

• Creates comprehensive consumer debt collection regulations establishing definitions for debt buyers, collection employees, consumers, and related terms under Oklahoma law

• Requires debt buyers to obtain licenses from the Oklahoma State Department of Consumer Credit and maintain $50,000 surety bonds; collection employees must also be individually licensed

• Prohibits debt buyers from collecting debts past the statute of limitations, filing suit without 30 days written notice with itemized debt documentation, making false threats, contacting consumers more than twice in 24 hours, and using profanity or deceptive practices

• Mandates debt buyers provide written settlement agreements showing amounts paid and remaining balances within 15 days of payment in full; requires verification of debt within 180 days upon consumer request

• Establishes private right of action allowing consumers to recover actual damages plus $1,000-$5,000 per violation, plus attorney fees; authorizes Oklahoma State Department of Consumer Credit to enforce through fines, license revocation, and cease-and-desist orders; effective November 1, 2012