Debt Collection Amendment Act

What this bill does

This bill changes the rules for debt collection companies that were licensed in 2020, allowing them to skip submitting their required financial reports for that year. It also gives the Minister power to extend deadlines for these financial reports by up to 6 months when needed.

If passed (voted YES)

• Debt collection companies licensed in 2020 won't have to submit audited financial statements for that year to the Debt Collection Authority
• The Minister can extend deadlines for financial statement submissions by up to 6 months when circumstances require it
• Debt collectors get relief from certain reporting requirements that may have been difficult to meet during 2020

If rejected (voted NO)

• All debt collection companies licensed in 2020 must still submit their audited financial statements for that year as originally required
• The Minister cannot extend deadlines for financial statement submissions
• Current reporting requirements under the 2018 Debt Collection Act remain unchanged

Who it affects

This primarily affects debt collection companies that were licensed to operate in Bermuda during 2020, giving them specific relief from financial reporting requirements for that year.