California Civil Code

§ 1788.50

CIV § 1788.50 Effective Jan 1, 2014Div. 3 · Title 1.6C.5 · Part 4

Statute text

(a)As used in this title:

(1)“Debt buyer” means a person or entity that is regularly engaged in the business of purchasing charged-off consumer debt for collection purposes, whether it collects the debt itself, hires a third party for collection, or hires an attorney-at-law for collection litigation. “Debt buyer” does not mean a person or entity that acquires a charged-off consumer debt incidental to the purchase of a portfolio predominantly consisting of consumer debt that has not been charged off.

(2)“Charged-off consumer debt” means a consumer debt that has been removed from a creditor’s books as an asset and treated as a loss or expense.

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Legislative history

Added by Stats. 2013, Ch. 64, Sec. 2. (SB 233) Effective January 1, 2014.