Prohibit Third Party Debt and Bill Collectors from Recovering More than the Actual Amount they Paid to Acquire the Debt.

This petition seeks to establish a law which would prohibit third party debt and bill collectors from collecting more than the actual amount they paid to acquire a debt from the original creditor. For example, if a debt collection agency acquires an unpaid debt or obligation from the original creditor for any amount less than the face amount of the debt, the amount the collection agency can legally recover shall not be more than the amount that agency actually paid to acquire the obligation in question. In other words, if the unpaid obligation is, say, $1,000, and the collection agency actually paid only $25.00 to acquire it from the original creditor, then the collection agency would be prohibited from recovering more than the $25.00 they paid to acquire the item.