On December 3, New York Governor Cuomo announced that the DFS finalized regulations to help end abusive debt collection practices. The new regulations will (i) require debt collectors and debt buyers to provide enhanced disclosures regarding the debt; (ii) protect consumers who may have debts where the statute of limitations has expired; (iii) require that the debt collector substantiate that the debt is actually owed; (iv) ensure that consumers receive written confirmation of settlement agreements; and (v) allow consumers to communicate with debt collectors via personal email. The new regulations will take effect on March 3, 2015, with the exception of Sections 1.2(b) and 1.4, which will take effect August 30, 2015. Section 1.2(b) refers to disclosure requirements and 1.4 refers to substantiation of debts.