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Debt Relief Legislative Update – April 13,2010

This legislative update comes courtesy of the National Policy Group. Be sure to visit their site for more information.

California SB 708
Debt Settlement Consumer Protection Act
HEARING SCHEDULED FOR APRIL 27, 2011
April 12, 2011: From Committee with author’s amendments. Read second time and amended. Re-referred to Committee on Banking & Financial Institutions

Colorado HB 1206
UDMSA Amendments
April 05, 2011: Sent to the Governor

Delaware HB 72
UDMSA Amendments
Introduced: 3/30/11
Summary: An act to amend title 6 of the Delaware code relating to debt management services. Synopsis: the Delaware debt management services act was modeled after the uniform act developed by the national council of commissioners on uniform laws (nccusl). This bill incorporates the 2008 changes for consistency with other states adopting the uniform act. Changes include a definition for a “certified debt specialist” and a provision for a temporary license when a criminal history has not yet been received. In addition, in 2010 the federal trade commission made changes to the telemarketing act that prohibits the collecting of advance fees by debt settlement companies. This bill incorporates changes to the uniform act by nccusl so that the provisions are consistent with federal regulation and no advance fees can be collected. Regulation of trust accounts is broader. The changes also make fee caps consistent with the uniform act. Sections 6 and 14 incorporate the nccusl language in the insurance provisions. Sections 18 and 22 provide new disclosure language for debt settlement providers. The added disclosure informs individuals that not all creditors will agree to reduce the principal amount of the debt in a debt settlement plan. Section 55 clarifies that these administrative procedures were not superseded by the provisions in chapter 25 of title 29 and adds a provision for an appeal of an administrative decision on the record to the superior court.
March 30, 2011: Introduced and Assigned to Economic Development/Banking/Insurance, Commerce Committee in House

Maryland HB 1022
Commercial Law-Debt Settlement Services
April 8, 2011: Senate Favorable with Amendments Report by Finance

Maryland SB 741
Commercial Law-Debt Settlement Services
April 8, 2011: House Conference Committee Report Adopted; Third Reading Passed (125-15)

Missouri HB 661
Debt Adjusters
April 7, 2011: Rules – Reported Do Pass

Missouri SB 401
Debt Adjusters
April 4, 2011: Hearing Conducted Senate Financial & Governmental Organizations and Elections Committee

North Dakota HB 1038
Debt Settlement Services
April 7, 2011: Senate signed by the President

Tennessee HB 1910
Consumer Protection, UDMSA
April 12, 2011: Placed on calendar: Calendar & Rules Committee for 4/13/2011

Tennessee SB 1446
Consumer Protection, UDMSA
March 31, 2011: Received from Senate: Held on House desk

Texas HB 1222
Debt Management Services Providers
March 15, 2011: House Considered in Public Hearing

Texas SB 141
Debt Management Services Providers
April 12, 2011: House Committee report filed with Committee Coordinator

Debt Relief Legislative Update   April 13,2010
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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Robert Stevenson

    You all should go to the National Policy Group link and watch the video of the credit counseling lobbyist/representative speaking to the assembly. It’s just funny when you have a competing industry trade group come in there, like they’re the “good guys” and offer no reasons for why they support the bill, but just that they support it overwhelming. However, if we go to the WHY, isn’t it fairly simple? I’m not referring the the press release “Why”, but they are afraid of losing market share… but that’s probably not a good sell to the assembly.

  • Robert Stevenson

    You all should go to the National Policy Group link and watch the video of the credit counseling lobbyist/representative speaking to the assembly. It’s just funny when you have a competing industry trade group come in there, like they’re the “good guys” and offer no reasons for why they support the bill, but just that they support it overwhelming. However, if we go to the WHY, isn’t it fairly simple? I’m not referring the the press release “Why”, but they are afraid of losing market share… but that’s probably not a good sell to the assembly.

  • Robert Stevenson

    These are pretty reasonable bills, except for the California bill. Specifically, the 15% savings fee cap is very restrictive and really, what is the purpose? Consumers have the protection with the TSR of no advance fees. Why is the government trying to control the market place? This makes it very difficult if not impractical to provide quality service.

    A Free Market is good at pricing, there’s no need for some overzealous government official to decide what is or is not “fair” or profitable.

  • Robert Stevenson

    These are pretty reasonable bills, except for the California bill. Specifically, the 15% savings fee cap is very restrictive and really, what is the purpose? Consumers have the protection with the TSR of no advance fees. Why is the government trying to control the market place? This makes it very difficult if not impractical to provide quality service.

    A Free Market is good at pricing, there’s no need for some overzealous government official to decide what is or is not “fair” or profitable.

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