Orion CEO Janet Lopez ran the booth on the exhibit floor, while Director of Operations Colleen Pillarina piloted the BeamPro robot from our offices in Irvine, California to greet attendees at the conference.
We had a great time meeting with representatives from across every sector of the debt-buyer industry. If you didn’t have a chance to drop by our booth, take a look at what Orion has to offer: Professional and cost-effective licensing assistance that will help your company get back to doing business.
As the economic recovery expands to the average American consumer in the form of low unemployment, low interest rates, and cheap gas, sales of new cars have been picking up. That means an expansion of borrowing to make those purchases, as well — the highest average amount ever, in fact. The average monthly new car loan payment has risen to $493, according to Experian Automotive.
Many analysts are predicting a risky path forward for the auto-finance industry as a result, with fears that many of those borrowers are headed for a default. American Public Media’s Marketplace summarizes the debate:
The car loan business is healthy:
1) The majority of loans are going to people with good credit, so-called prime and superprime borrowers.
2) 2015 was a smash year for new car sales and 2016 is starting off strong.
The car loan business is scary:
1) Troubled loans are on the rise, nearing $1.1 billion last year.
2) The astounding post-recession run of new car sales can’t last forever.
Either way, greater numbers of borrowers will undoubtedly mean a corresponding uptick in the need for collection agencies to service troubled accounts.
Make sure your company is prepared for the coming wave auto-debt: Orion State Licensing can get you licensed in every state and territory, and make sure your existing licenses are up-to-date and in compliance.
Law firms that specialize in consumer debt collection must now be licensed as debt collectors under existing Massachusetts law, according to a declaration by the Massachusetts Division of Banks (DOB).
A letter sent out on November 2 clarified the applicability of the state’s licensing exclusion for “attorneys-at-law collecting a debt on behalf of a client,” addressing whether a law firm self-described as “overwhelmingly concentrated in the area of consumer debt collection on behalf of its clients,” was required to be licensed.
According to an announcement by DBA International:
The DOB clarified that the determination “turns on the extent of the debt collection activity conducted by the firm.” It concluded that licensure is required where the law firm’s “principal purpose is the collection of debts and therefore its activities are beyond the scope of the attorney-at-law exemption.”
In the letter, the DOB gives Massachusetts law firms focused on collection six months from the date of the letter to comply. It also mentioned that the new requirement “will not be imposed retroactively on affected law firms.”
For law firms interested in more information about the new requirements, as well as to start the licensing process, contact Orion State Licensing to ensure your business is not out of compliance.
Welcome to Orion State Licensing’s official blog. Here, you’ll find posts about how our collection licensing assistance services can help your business, as well as announcements and press releases about new services or events.
Additionally, any time there is a change in laws or regulations surrounding the debt collection industry, we will post information about it here to keep you up to date, especially if it affects the licensing process. And if there’s any business or economic news we think will interest you, we’ll post about it as well.
You can also expect to see general advice on the collection licensing process, as well as tips for remaining in compliance when it comes time to renew.