Essentials of Collection Law

4 Credits: Business Law


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Essentials of Collection Law

Course Level
CPE Credits

4 Credits: Business Law

Course Description

A business engaged in debt collection activities must navigate a minefield of legal requirements for contacting debtors and repossessing assets. In the Essentials of Collection Law course, we address these issues, including sales contract requirements, the various laws pertaining to collections, security interests in personal property, vehicle repossessions, reclaiming assets from a bankrupt debtor, and much more.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

  • State the circumstances under which a sales contract is formed.
  • Specify the rule under which an irrevocable offer is created.
  • Recall the point at which a seller can demand the return of goods from a buyer.
  • Specify when a buyer is assumed to have accepted delivered goods.
  • Specify the details of the various laws impacting the collection process.
  • Recall how a mechanic’s lien works.
  • Recall the legal process for seizing a borrower’s property.
  • Specify the process for creating a security interest in personal property.
  • Identify the rule for billing a debtor for a bounced check.
  • Specify the rules pertaining to the repossession of a vehicle.
  • Recall the advance preparation steps for collection litigation.
  • Specify the bankruptcy chapter under which an individual reorganizes his or her personal finances.
  • Identify the responsibilities of a creditor’s committee.
  • Recall the requirements for an involuntary bankruptcy filing.
  • Specify the priority for payouts in a bankruptcy filing.
  • Identify the test needed to qualify for a Chapter 7 bankruptcy filing.
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Course Specifics

Course ID
Revision Date
November 29, 2023

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …