New Jersey Court Clarifies Requirements for Debt Purchasers Suing on Credit Card Debts
In an unpublished decision, a New Jersey appeals court clarified the legal requirements that credit card debt purchasers must meet in order to pursue collection from consumer account holders. Main Street Acquisition Corp. v. Nemeth (App. Div., April 1, 2014).
Specifically, the appellate court declared:
A plaintiff suing on an assigned, char...
Mortgage Lender Hit with $54,000 Legal Fee in Doomed Foreclosure Case
In a stunning reversal of fortune, HSBC Bank was ordered to pay over $54,000 in legal fees incurred by homeowners who successfully fended off a foreclosure suit based on HSBC's inability to prove ownership of the underlying mortgage and note. HSBC Bank vs. Nini, A-1941-11T1 (App. Div. , Unpublished, April 30, 2014).
According to the Appellate ...
Important Changes In Limited Liability Company Governance Under The Revised New Jersey Limited Liability Company Act
Effective April 1, 2014, all limited liability companies ("LLCs") formed in New Jersey will be governed by the Revised Uniform Limited Liability Company Act, N.J.S.A. 42:2C-1 through N.J.S.A. 42:2C-17 (the “Revised Act”). The Revised Act became effective as to newly formed LLCs on March 18, 2013. Starting on April 1, 2014, the Revised Act app...
Reporting Inaccurate Information to Credit Reporting Bureaus Under the Fair Credit Reporting Act
A derogatory blemish on a consumer's credit report can have long-lasting effects, and present numerous obstacles to purchasing a home, leasing a car, obtaining a credit card, or securing a business loan. In a recent unpublished opinion issued by the United States District Court for the District of New Jersey, Grossman v. Barclays Bank, Delaware, ...