H.R. 2704 — Fair Debt Collection Improvement Act

This section prohibits debt collectors from collecting or attempting to collect time-barred consumer debt (i.e., debt past the applicable statute of limitations) by adding a new section to the Fair Debt Collection Practices Act (FDCPA). (Thus, debt collectors regulated by the FDCPA—which applies to third-party collectors of consumer debts such as credit cards, medical bills, and personal loans—may no longer seek voluntary payments on such debts.)