Debt Relief Industry Regulation / Legislation

SB 328 New State Debt Settlement Legislation Update

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The following legislation has been introduced in the state below. Please click the link for more information.

SB 328


Nonprofit debt management companies. Defines “bona fide nonprofit organization” (bona fide nonprofit) for purposes of the statute governing licensed debt management companies (licensees). Requires the department of financial institutions (DFI) to: (1) adopt separate rules for the licensure and regulation of bona fide nonprofits under the statute; and (2) consider certain factors in adopting the rules. Prohibits the DFI from requiring a bona fide nonprofit that maintains a bond with the Executive …

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