The new law, which took effect on Sept 2, 2015 agreed to establish fair and standardized collection rules. It applies to all debt collectors, from institutional lenders such as banks, finances to individual creditors. Under this law, the way creditors collect debts will be more tightly regulated and debtors will also have increased protection rights and the law defines “debt collector” as a creditor who makes a loan to a debtor whether the debt can be legal or illegal. In other words, even loan sharks are subject to this Act. Further, a creditor’s representative and attorney, a debt collection agency and its representative are all categorized as “debt collectors” where a “debt collection business” means any business hired to collect a debt, directly or indirectly but lawyers who collect debts for clients are not considered a “debt collection business”. A “debtor” in this law means any natural person obligated to pay a debt including an individual debt guarantor. Under this law, debt collectors can only communicate with the debtor or another person authorized by the debtor. A collector can only contact third parties to acquire information and details or learn the debtor’s location. The collector is also limited to identifying himself and inquiring about the debtor’s whereabouts to a third party. The collector cannot tell the third party that the debtor owes a debt unless the third party is a spouse, parent or child of the debtor so the rules are very strict.