Under a recent Eastern District Court ruling, Pennsylvania debt collectors must be licensed by the Department of Banking and Securities in order to collect on deficiency judgments from retail installment sales contracts or face violations of the Fair Debt Collection Practices Act.

In the decision from Judge Kearney in the Eastern District of Pennsylvania, Wyche

When we think of financing motor vehicles in the auto industry, our minds often draw to compliance with consumer protection laws and avoiding the attention of enforcement agencies on both the state and federal level—states’ attorneys general, the Federal Trade Commission, the Consumer Financial Protection Bureau and the Department of Justice all may investigate and