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 down as 48% candidates for a DMP, enrollment was 25-30%, 12% suitable for debt settlement and 5% were suitable for bankruptcy;
- CareOne supports the ban on advance fees, mandatory disclosures, and to prohibit misrepresentations;
- the rule is incomplete and does not apply to nonprofits, face-to-face transactions, intrastate only sales, internet only sales; and,
- supports a fee level of at least 30% of savings.
You can see his full testimony below.
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