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Does a former working-interest owner of a well bear continuing responsibility for a defective gas line despite having conveyed its ownership interest? The line was constructed by the...
To embed, copy and paste the code into your website or blog: What is the standard of care imposed by the Model Form JOA on the well operator? Background Under a Model Form JOA, BPX as operator and Crimson and other non-operators drilled the McCarn A1H well. After a problem that prevented further drilling the parties agreed to plug and abandon the well. BPX billed Crimson for its proportionate share of drilling expenses; Crimson refused to pay. In BPX’s suit to recover Crimson’s share of costs, Crimson asserted the affirmative defense of prior material breach by BPX’s failure to act a...
To embed, copy and paste the code into your website or blog: While it remains to be seen what, if any, changes a change in leadership in the CFPB will bring to the Debt Collection Rule, for now collection agencies should begin readying themselves for a November 30 th effective date. Now that the Rule has been fully published, this article will explore the Rule’s center piece, Section 1006.34 (Debt Validation Notices), and five traps for the unwary. Trap Number 1: . For purposes of debt validation, the Rule makes clear that if the debt collector knows or should know that the consumer is ...
To embed, copy and paste the code into your website or blog: On Dec. 18, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) completed its seven-year rulemaking process for debt collection. In 2013, the CFPB embarked on an ambitious journey to write regulations to interpret the 40-year-old Fair Debt Collections Practices Act (“FDCPA”). Until the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was passed, no federal regulator had the authority to interpret the FDCPA through rule writing. The Dodd-Frank Act expressly paved the way for a federal...
meaningful attorney involvement and debt sale restrictions. Parts I and II were both adopted pursuant to the Bureau’s authority under the Fair Debt Collection Practices Act and not its UDAAP authority under the Dodd-Frank Act, and are effective November 30, 2021. Part II of the final rule has three primary components, dealing with (1) the collection of time-barred debt, (2) passive debt collection, and (3) validation notices. Time-Barred Debt Part II includes prohibitions against taking or threatening legal action on time-barred debt, as was the case with the proposed rule. See §1006.26...