Family Financial Protection Act passes
By Terry Murry on Friday, March 8th, 2024 in Columbia Basin News More Top Stories
SALEM – The Oregon House of Representatives passed Senate Bill 1595 yesterday with support from both parties. A list of 43 lawmakers sponsored the measure to improve consumer protection, including Rep. Greg Smith (R-Heppner).
The bill aims to improve both outdated and flawed consumer protection and debt statutes for Oregonians who are working to pay back their debts. It also offers recourse to those people being subjected to unfair debt collection practices.
Its sponsors say the bill is based on hearing from the public who are struggling to get back on their feet after fees or garnishing of wages. According to the Consumer Financial Protection Bureau, the top complaint against collection agencies is attempting to collect debts that are not owed.
Once the bill is signed by the governor and goes into effect it will do a number of things. They include increasing the amount of wages protected from garnishment, protecting $2,500 in a person’s bank account so they can meet basic needs, and increasing protections to prevent Oregonians from losing their homes during the debt collection process.
