In-House Debt Collection Training
Learn how to train your internal debt collection team and recognize the signs that it’s time to escalate accounts to a commercial collection agency.
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Understanding Forbearance in Financial Contexts
Struggling with past-due accounts? Learn how forbearance can provide short-term relief while protecting long-term cash flow—and discover when it's the right tool for your business.
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Understanding the Acid Test: A Critical Financial Metric for Business Success
The acid test ratio provides an essential snapshot of a business's financial health by evaluating its ability to meet short-term obligations with liquid assets. Discover why this metric is a key tool for financial managers and how it applies to real-world decision-making.
Read article2024 FDCPA: Key Updates to the Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act (FDCPA) serves as a foundational piece of legislation protecting consumers from abusive debt collection practices. This blog post outlines key elements of the FDCPA, covering crucial sections such as communication guidelines, legal limitations, and consumer rights. It provides a clear and actionable understanding for businesses and financial managers to maintain compliance while building trust and professionalism in their debt recovery efforts. For businesses looking to streamline their debt collection process, adhering to FDCPA guidelines is essential for long-term success.
Read article2019 Fair Debt Collection Practices Act
The Federal Trade Commission (FTC) is the nation’s consumer protection agency. The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace. For your information is available the 2019 Fair Debt Collection Practices Act. FDCPA 2019
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Mississippi
In Mississippi, no pre-lien notices are required. Mechanic’s lien laws specifically include engineers as long as actual work is underway. A lien must be filed within 12 months from when unpaid fees were due.
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Minnesota
A pre-lien notice is only required on smaller residential projects. It is not required on construction of 5000 square feet or more
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Michigan
For subcontractors, a pre-lien notice must be filed within 20 days of first furnishing services. For others, a mechanic’s lien must be filed within 90 days of last furnishing services
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Massachusetts
A person to whom a debt is due for personal labor performed in the erection, alteration, repair or removal of a building or structure upon land or improvement or alteration
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Maryland
A pre-lien notice is required of any subcontractor that does not have a direct contract with the owner. It must be filed within 120 days after furnishing services
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