June 9, 2020 — Maurice Wutscher attorney Donald Maurice will discuss the OCC’s new “valid-when-made” rule during a webinar on June 11 at 3 pm ET.
On June 2, the Office of the Comptroller of the Currency issued a final rule to clarify “that when a bank transfers a loan, the interest permissible before the transfer continues to be permissible after the transfer” and thus a loan is “valid-when-made.”
The rule ensures the terms of a loan remain valid after it is sold or transferred, a key component of the debt buying transaction, and resolves the legal uncertainty created by Madden v. Midland Funding, LLC.
The webinar will discuss the impact of the rule on collectors and debt buyers, including how it may lead to less liability in one area of their business.
The webinar is being presented by AccountsRecovery.net. Click here to register.