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Tag Archives: debt settlement legislation

Massachusetts One Step Closer to Regulating Debt Settlement

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Collections & Credit Risk is reporting the State of Massachusetts is a step closer to regulate for-profit debt settlement companies operating in the state. Debt settlement companies would have to disclose their fees and create a budget analysis before enrolling consumers. “The longer Massachusetts waits, choosing not to oversee this industry, the more consumers will be taken advantage of by ... Read More »

    USDR Comes Out to Publicly Support 15% Success Fee Cap for Debt Settlement in California

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    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 Dear Senator Ellen Corbett: On ... Read More »

      Debt Settlement Does Not Need to Be Closed Down. It Needs to Be Cleaned Up. – Podcast

      Dinosaur

      I had a very interesting conversation with a debt settlement insider that mentioned how many debt settlement companies he talks to that hate me for what I write. Yea, I’m not losing sleep over that. I made the following podcast of this article so you could enjoy it with background music. Debt Settlement Does Not Need to Be Closed Down. ... Read More »

        California AB 350 Still Alive to Regulate Debt Management and Debt Settlement

        justball-144x125

        I was just checking on the status of California Assembly Bill 350 and found that it is still in process and was amended in the Senate on June 14, 2010. You will find the latest draft below. Get Out of Debt Guy – Twitter, G+, Facebook I can always use your help. If you have a tip or information you ... Read More »

          New Indiana Law Goes Into Effect July 1, 2010 and Impacts Debt Settlement

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          It’s really not all that tough to comply but debt settlement and other credit repair and debt relief companies will need to register and obtain the bond before doing business in Indiana. Here is a link to the latest version of the law so helpfully provided by Pamela Fratini, Esq. in her letter to me. Below you will find the ... Read More »

            Damon & Steve Talk About Debt Settlement Bullshit – Get Out of Debt Podcast

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            Here is the latest Get Out of Debt show podcast. Today Damon Day and I got together and picked a topic in the debt relief world and discussed it at length to give you insight into the inside information on this topic. We hope to do this on a regular basis to share with you what we know to help ... Read More »

              The Easiest and Most Obvious Way to Fix the Debt Settlement Industry and Prevent Regulation

              justball-144x125

              With all the pushing and pulling from the debt settlement industry, TASC, and USOBA over their enthusiastic laments about the debt settlement industry does not need regulation or advance fee bans, one critical point is lost on all, this is an absolutely easy problem to fix. The Current Problem: Consumers languish for years in debt settlement programs while they attempt ... Read More »

                Text of HR 5387 Version of Debt Settlement Consumer Protection Act of 2010

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                Here is the text of HR 5387 that was proposed in the House of Representatives. Get Out of Debt Guy – Twitter, G+, Facebook HR 5387 IH 111th CONGRESS 2d Session H. R. 5387 To amend the Consumer Credit Protection Act to provide for regulation of debt settlement services, and for other purposes. IN THE HOUSE OF REPRESENTATIVES May 25, ... Read More »

                  HR 5387 Introduced to Regulate Debt Settlement Services

                  justball-144x125

                  I don’t have the text of the bill yet but HR 5387 was referred to the House Committee on Financial Services on May 25, 2010. The bill amends the Consumer Credit Protection Act to provide for regulation of debt settlement services. The sponsor of the bill is Rep. Luis Guiterrez, IV of IL and cosponsors are Rep. Keith Ellison of ... Read More »

                    Morning After: Debt Settlement Industry Celebrating. “Game On”

                    Debt Settlement Party Time

                    It’s May 21, 2010 and in a move that only seems to amplify the arrogance of the party makers in the debt settlement industry, that appear to be no more than profiteers charging consumers tens of thousands of dollars for debt settlement service that are questionably effective and dubiously successful, it’s back to business as usual. Yesterday the United States ... Read More »

                      Debt Settlement Consumer Protection Act Labeled Anti-Consumer By TASC

                      justball-144x125

                      May 14, 2009 Here is an recent email that was sent to me at tips@getoutofdebt.org that is reported to be sent out by The Association of Settlement Companies to members to try to defeat the Debt Settlement Consumer Protection Act. Three things struck me. To label the bill as anti-consumer is not helpful. There appears to be no consideration of ... Read More »

                        Senator Rockefeller Warns Attorneys’ General About Debt Settlement Industry in Email

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                        Here is a copy of an email that was sent to Attorney’s General to support continued efforts to rein in debt settlement. Dear Mr. Attorney General: As Chairman of the United States Senate Committee that oversees consumer protection, I have been very concerned by the growth of consumer financial scams during the recent economic downturn. I am writing to share ... Read More »

                          AARP Urges Illinois Governor to Sign the Debt Settlement Consumer Protection Act

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                          HB 4781 Would Give Consumers the Strongest Protections in the Nation against Fraudulent Debt Settlement Agencies SPRINGFIELD, Ill., May 7 /PRNewswire-USNewswire/ — Burdened with piling debt in a down economy, thousands of Illinois consumers contact debt settlement agencies in search of help – only to find huge fees, deceptive business practices, and often times no solutions to their problems. But ... Read More »

                            Illinois Senate & House Pass Aggressive Debt Settlement Consumer Protection Legislation With Strong Bipartisan Support

                            justball-144x125

                            Illinois Attorney General Lisa Madigan today applauded the General Assembly for passing the Debt Settlement Consumer Protection Act, HB4781, which has now passed both houses. This legislation is crafted to prohibit debt settlement firms from engaging in unfair and abusive practices aimed at bilking financially strapped consumers. The Senate today passed the bill with a vote of 56-1 after the ... Read More »

                              AARP Gets Tough With Debt Settlement Companies

                              justball-144x125

                              Burdened with debt, millions of consumers contact debt settlement agencies in search of help – only to find out that what looked like the light at the end of the tunnel turned into a nightmare because of huge fees and deceptive business practices. As bills keep piling on the kitchen tables of a growing number of Americans, lack of regulation ... Read More »

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