The National Association of Tax Resolution Companies has just shared that the State of Colorado has announced tax relief companies are included under the Uniform Debt Management Services Act and may not charge an advance fee for services.
“In the first public announcement of its type, companies providing certain tax debt relief, resolution or settlement services to residents of Colorado must now register as “Debt Management Services” and comply with the state’s “Uniform Debt-Management Services Act”.
Compliance with the law requires the settlement of a debt and payment to the creditor by the customer before any fees may be imposed by you, posting of a bond not less than $50,000, furnishing services through a counselor or debt specialist and providing education about the management of personal finance.”
NATRC says they are “actively working with the state of Colorado, the IRS Office of Professional Responsibility, the Uniform Law Commission and our members to reverse this policy declaration.”
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