Latest Posts
Home > Debt Relief Industry > Regulation / Legislation (page 3)

Regulation / Legislation

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 speak out against the deceptive ... Read More »

Maryland Tries for a Fourth Time to Pass Debt Settlement Regulation

justball-144x125

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 next session begins in January. ... Read More »

Face to Face Meeting Companies May Just Be Partners in Debt Settlement Deception

image001

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 Pitch Thank you for taking ... Read More »

Recommendations Released Today for Debt Settlement in Maryland

debt settlement chart cropped

The Maryland Consumer Rights Coalition today released its recommendations for better regulation of the debt settlement industry. The recommendations are in conjunction with those from the Maryland Office of the Attorney General and the Maryland Office of the Commissioner of Financial Regulation, which MCRC feels do not go far enough. (Read report/recommendations here, including the story of a Marylander who ... Read More »

Perfect Net Branch Claims TSR Exemption But I Don’t Get It?

justball-144x125

A fantastic tipster (send in your tips here) sent in the following email being sent out by Perfect Net Branch. The Future Of Debt Settlement is Here! Debt Settlement Programs: 1. ATTORNEY program: - Client receives a FACE TO FACE presentation (exempt from the TSR rules). Thousands of attorneys throughout 48 states and growing with a Dedicated Appointment Setting Department ... Read More »

My Highlighted Copy of the FTC Mortgage Assistance Relief Services Rules

Recently the FTC passed new rules to protect consumers from deceptive mortgage relief providers who claim that for compensation they can help save a home from foreclosure or modify a mortgage. Below you will find a link to the final rule issued by the FTC with my highlights of what I felt was most important in the rule. FEDERAL TRADE ... Read More »

Attorney Model Debt Settlement Companies, Affiliates, and Marketers are Not Going to Like What’s Coming From the FTC

Reserved

This past weekend I held a meeting titled the “Rally in Raleigh” where a number of debt relief companies, and some guest regulators got together to talk openly and honestly about the current state of the debt relief industry. We wound up focusing more on debt settlement since it is a subset of the debt relief industry that is going ... Read More »

Secret Shopper Debt Settlement Call. How Do You Think They Did?

Yesterday I made my first secret shopper call after the FTC TSR went fully into force. My vote of the call yesterday was a FAIL. You can read my comments on that call here. So today I decided to call the exact same company back and confirm what the sales representative had told me yesterday. That didn’t happen. Today I ... Read More »

FTC Provides Video on Debt Relief Services and Telemarketing Sales Rule

justball-144x125

Here is a nice video from our friend Allison Brown at the FTC about the new telemarketing sales rule and some last minute clarifications for consumers. Get Out of Debt Guy – Twitter, G+, Facebook Transcript Allison Brown: Hi I’m Allison Brown, an attorney with the Federal Trade Commission, the nation’s consumer protection agency. If you’re in the debt relief ... Read More »

Debt Relief Alert: Deadline for Implementing New Model Privacy Form Fast Approaching

justball-144x125

Starting on January 1, 2011, “financial institutions” subject to the federal Gramm-Leach-Bliley Act (the “GLB Act”) will have to use new model privacy forms if they want to take advantage of a “safe harbor” for compliance with requirements for providing initial and annual privacy notices to customers. The model privacy forms will replace the sample clauses associated with an existing ... Read More »

FTC Releases New Guide: Debt Relief Services & the Telemarketing Sales Rule: What People Are Asking

FTC TSR

I just got word from the FTC they released a new guide to help people understand the new telemarketing sales rule for debt relief products. You’ll find the guide below. You’ll also find that it helps to clarify the rule and slams the door closed on some of the ways people were trying to evade the law with loopholes. Get ... Read More »

Tax Relief Providers Want to Avoid New FTC Telemarketing Sales Rules

justball-144x125

Here is a press release from Tax Resolution Services. With two days left before the new telemarketing sales rules go into force it seems very last minute to make the pitch, but nice try. Anyone want to try to help clarify it for them? Post your clarification in the comments below. Get Out of Debt Guy – Twitter, G+, Facebook ... Read More »

Loeb & Loeb to Debt Settlement Industry, Loopholes or Nooses: Be Careful Where You Stick Your Neck

Loeb-Bundled

Apparently the law firm of Loeb & Loeb put out a presentation recently to provide some last minute guidance to the debt settlement industry. You’ve got to love the title, “Loopholes or Nooses: Be Careful Where You Stick Your Neck” On the subject of selling bundled products with debt settlement services in order to increase income. On the issue about ... Read More »

My Interview With Alex Viecco of New Era Debt Solutions After They Resigned From TASC

I just got off the phone with Alex Viecco, the VP and Co-Founder of New Era Debt Solutions. He and the President of New Era, Dan Smith, just recently attended the debt settlement leadership conference in Las Vegas where it seems the topic of discussion was how debt settlement companies could best get around the new FTC telemarketing sales rules ... Read More »

Consumer Financial Protection Bureau In The Works But Don’t Expect Much Before July, 2011

CFPB Logo

Reuters is reporting recent comments by Treasury Secretary Geithner that have sent a clear signal that the new Consumer Financial Protection Bureau (CFPB) will not be active in enforcement actions until July, 2011. “It is fair to say that until that authority is transferred, which will not happen before July of 2011, and before there is a confirmed director in ... Read More »

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.