Effective October 1, 2009 the North Carolina Consumer Economic Protection Act of 2009 was enacted. This legislation imposed additional requirements on the part of Collection Agencies, Collection Agency Plaintiffs and Debt Buyers with regard to Unfair Practices, Receipt Requirements, and additional documentation required for Attorney Fees, Filing Complaints and obtaining Judgments.
Our clients have reported that they are able to comply with this revised legislation with the existing capabilities within Cogent. For example, the receipt requirements state that payment in any form requires a receipt and the receipt needs to be pre-numbered by the printer. Cogent's workflow and rules engine capabilities coupled with intelligent documents and existing "tags" (i.e., data fields) already provide the means to accommodate this requirement without any change to the existing software. And Cogent's integrated scanning and document management features ensure that the requirement to maintain a copy of the receipt for 3 years is also easily met.
Our goal has been to deliver a product that is rich in features and can easily be adapted to the fast-paced and ever-changing environment in which our clients do business. This recent change in North Carolina law has demonstrated that Cogent is well-positioned to allow our clients to keep pace the demands of tomorrow.