Subject:::Minnesota Reaches Settlement with Midland Funding - TMCnet's Legal eNews Legal eNewsletter
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January 10, 2013

Minnesota Reaches Settlement with Midland Funding, Legal Actions Could Commence Elsewhere against Other Debt Purchasing Companies

By Ed Silverstein, TMCnet Contributor


There is increased scrutiny of the U.S. debt buying sector – with an example being last month’s settlement between Minnesota officials and a large debt collection firm.


Midland Funding will pay $500,000 to the state and reform how it handles the accounts of suspected delinquent borrowers, according to a statement from Minnesota Attorney General Lori Swanson.


It was claimed the company sometimes targeted the wrong consumers for payment of old bills that it purchased from credit card companies and banks for “pennies on the dollar,” Swanson said... Read More


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