Category Archives: Regulation / Legislation
- USDR Comes Out to Publicly Support 15% Success Fee Cap for Debt Settlement in California
Here is a copy of testimony that was presented in California today to support a debt settlement fee cap at 15% of savings. Get Out of Debt Guy – Twitter, G+, Facebook 20 April 2011 The Honorable Ellen Corbett Senate JUDICIARY COMMITTEE State Capitol, Room 2187 Sacramento, CA 95814 RE: SB 708 (Corbett) – Support [...]
- CareOne for California SB 708 Debt Settlement Services Act With Modifications
I was communicating with Mike Croxson, president of CareOne, who shared his written testimony with me regarding his view of the new proposed California SB 708 Debt Settlement Services Act. His testimony stated the fee level set by SB 708 as a 15% of savings success fee was too low; consumers that contact CareOne broke [...]
- 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 [...]
- Free Webinar – State Debt Adjustment Acts, The Ins and Outs of License, Insurance, Bonds and Fees
Webinar: Thursday March 24th 3:30 pm Eastern Update Link for Call: https://www3.gotomeeting.com/join/425750374 Meeting Password: usdr Meeting ID: 425-750-374 “If you operate in the debt relief space, you need to be on this call.” – Steve State Debt Adjustment Acts The ins and outs License, Insurance, Bonds, and Fees 55 minute webinar State review The webinar [...]
- Compliance With State Laws. Is Your Debt Relief Company in Good Shape?
The following is a guest post by Scott Johnson, the person I consider to be a leader in helping debt relief companies understand compliance issues and avoid compliance problems. If you have any questions or would like to attend one of his upcoming compliance webinars, contact Scott at scott@usdr.us Get Out of Debt Guy – [...]
- Center for Responsible Lending Sends Out Press Release on California Debt Settlement Consumer Protection Act (SB 708)
The Center for Responsible Lending has sent out the following press release on the California Debt Settlement Bill that has been proposed by Majority Leader Ellen Corbett. Here is a copy of the current version of SB 708 as introduced. The history of SB 708 can be found here. Get Out of Debt Guy – [...]
- Maryland to Hold Important Hearing on Debt Settlement. Persels & Associates is Said to be Adamantly Opposed.
The Maryland Consumer Right Coalition reached out to me to let me know about upcoming hearings in Maryland that involve debt settlement. Marceline White of the MCRC said, “There will be two hearings in the Maryland General Assembly next week on regulating the debt settlement industry within the state. The legislation recommends that lawyers that [...]
- Uniform Debt Management Services Act (UDMSA) Proposed Changes Impact Debt Settlement and Credit Counseling
The UDMSA, the framework some states use for regulating debt relief services, has had some revisions suggested. These changes come from the Uniform Law Commission. Some important parts I noticed: Caps fees for debt settlement; Does not allow the full fee to be taken at the time of an agreement with the creditor or first [...]
- Debt Relief Legislation in the Works
The National Policy Group has just sent out a list of the most recent legislative action covering debt relief. Members of the debt relief industry may want to pay attention to the following proposed legislation: Indiana HB 1410 Indiana HB 1483 Indiana HB 1528 Kentucky HB 133 Mississippi HB 425 & SB 2251 Mississippi HB [...]
- Former IRS Agent Tells Tax Debt Relief Services May be Dangerous to Consumers
photo © 2007 paul stumpr | more info (via: Wylio)Jim Buttonow, a CPA and former IRS Agent has released information about why the very premise of selling tax relief services for an advance fee is something consumers should be protected from. Below you will find submitted comments to the Federal Trade Commission regarding the selling [...]
- NYC Still Pushing for Debt Settlement Consumer Protection Act
On November 18, 2010 a meeting was held with the New York City Council and testimony was presented. As part of that testimony it was reveled that the New York City Department of Consumer Affairs is still pushing for the Debt Settlement Consumer Protection Act. We are also pushing for strong federal legislation, the Debt [...]
- Non-Profit Credit Counselors Watched by New York for Bogus Activities
In a story that would have been just about a presentation to the New York City Council about debt settlement activities comes a glance into the activities of some debt settlement companies to attempt to loophole out of FTC new rules to regulate debt relief activities. The documents from the meeting say: Karen S is [...]
- Credit Counseling Agencies Challenge FTC to Take Agressive Action Against Debt Settlement Companies for Violating Telemarketing Sales Rules
The following letter was sent to the Federal Trade Commission: Get Out of Debt Guy – Twitter, G+, Facebook December 13, 2010 Federal Trade Commission Office of the Secretary Room H-135 (Annex T) 600 Pennsylvania Ave, NW Washington, DC 20580 Re: Debt Settlement Company Evasion of Amendments to TSR Dear Commissioners, We are writing to [...]
- Maryland Tries for a Fourth Time to Pass Debt Settlement Regulation
Maryland legislators for the fourth year in a row will consider regulating debt settlements, and new recommendations in a report out this month may be the charm. In Maryland, legislators have tried three times to regulate the industry. Sen. Thomas “Mac” Middleton, chairman of the Finance Committee, says his committee requested a study before the [...]
- Face to Face Meeting Companies May Just Be Partners in Debt Settlement Deception
A debt settlement company has forwarded me the following email pitch they received from a face-to-face meeting company. These companies are acting as agents of debt settlement companies in order “to satisfy the FTC’s face to face TSR exemption,” so some debt settlement companies can continue to collect large up-front fees from consumers. The Email [...]