53#1h (DDC) Increase Private Debt Collection Limit. HB5001

State Budget

2004 Special Session I

Budget Amendments - HB5001 (Committee Approved)

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Increase Private Debt Collection Limit (language only)

Item 53 #1h

Item 53 #1h
Executive Offices
Debt Collection, Division of

Language
Page 31, line 29, strike "$1,000" and insert "$15,000".

Explanation
(This amendment raises the limitation on the amount of debt that the Division of Debt Collection may contract with private entities for collection. This will allow for the bundling of debt for collection by private collection agencies to further increase collection rates on smaller claims.)

Item 53

Item 53	First Year - FY2005	Second Year - FY2006
Collection Services (74000)	$1,516,385	$1,526,605
Fund Sources:
Special	FY2005 $1,516,385	FY2006 $1,526,605

Authority: Title 2.2, Chapter 5, Code of Virginia.

A. The Division of Debt Collection is authorized to retain as special revenue up to 30 percent of receivables collected on behalf of state agencies. The Division of Debt Collection is authorized to contract with private collection agents for the collection of debts amounting to less than $1,000.

B. The Division shall deposit $3,454,000 by June 30, 2005, and $3,444,000 by June 30, 2006, as revenue to the general fund, from receivables collected on behalf of state agencies.

State Budget

2004 Special Session I

Budget Amendments - HB5001 (Committee Approved)

Increase Private Debt Collection Limit (language only)

Item 53 #1h

Item 53 #1h

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Item 53