New Debt Collection Law Provides a Measure of Protection
The National Legislative Assembly has passed the Debt Collection Act. The new law, which took effect on September 2, seeks to establish fair and standardized collection rules. It applies to all debt collectors, from institutional lenders such as banks to individual creditors. Importantly, however, while it applies to individual debtors, debtor companies are not protected by the law. Under the law, the way creditors collect debts will be more tightly regulated. Debtors will also have increased protection and rights.
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