Latest Posts
Home > Debt Relief Industry > Regulation / Legislation

Regulation / Legislation

FTC Amends Telemarketing Rule to Ban Payment Methods Used by Scammers

french bulldog dog listening or talking on the can telephone isolated on white background

Following a public comment period, the Federal Trade Commission has approved final amendments to its Telemarketing Sales Rule (TSR), including a change that will help protect consumers from fraud by prohibiting four discrete types of payment methods favored by con artists and scammers. “Con artists like payments that are tough to trace and hard for people to reverse,” said Jessica ... Read More »

    Canada Pushes Back on Debt Settlement With New Regulations


    In Ontario a bill passed recently which significantly impacts the delivery of debt settlement services there. First, I owe a big hat tip to a good friend up there in the great white north for alerting me to this. This new bill impacts both debt settlement companies and credit counselors. Bill 55, the Stronger Protection for Ontario Consumers Act 2013, ... Read More »

      Massachusetts One Step Closer to Regulating Debt Settlement

      law books

      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 »

        August 2, 2013 is the Day for the New Debt Relief Industry


        I wrote extensively about the new coverage by the Consumer Financial Protection Bureau of rules that regulate the debt relief industry. See Here It Comes. CFPB Supervision of Debt Relief Industry and Credit Counseling. The new rules were published in the Federal Register on July 3, 2013 and will go into force on August 2, 2013. – Source Get Out ... Read More »

          Nova Scotia, Canada Cracks Down on Debt Settlement Companies


          Nova Scotia, Canada has recently introduced new legislation to help protect consumers from debt relief companies and rogue debt collection companies. The Debt Collection and Management Reform (2012) Act will target debt relief companies that make disturbing marketing practices and unachieved promises. It will also target debt relief companies that charge advance fee or up-front fees for debt help. “The ... Read More »

            CFPB Appears to Lay Ground Rules to Begin Enforcement in Debt Relief Industry

            In a predatory move, the Consumer Financial Protection Bureau (CFPB) has issued a public request for comment over rules that could be used to regulate debt relief industry companies, both for-profit and not-for-profit. The document, “Procedural Rules to Establish Supervisory Authority over Certain Nonbank Covered Persons Based on Risk Determination” has been put out for public comment. Under this proposed ... Read More »

              Office of Fair Trading in UK Issues New Rules for Debt Relief Providers

              Ready to Collapse

              The Office of Fair Trading (OFT) in the UK has recently issued new rules that govern the delivery of debt relief assistance in the UK. Under these new rules a number of items are considered to be unfair or improper business practices. The OFT stated: Businesses specialising in ‘lead generation’ use various marketing methods to generate leads, particularly online via ... Read More »

                Current List of Debt Settlement Companies Licensed in Maryland

                Ready to Collapse

                According to the Maryland Division of Financial Regulation, the following companies are the only ones licensed to offer debt settlement services in Maryland under the new debt settlement law. This list is effective April 19, 2012. Freedom Debt Relief 1875 S. Grant Street, Suite 450 San Mateo, CA 94402-2676 CareOne Services, Inc. 8993 Stanford Boulevard Columbia, Maryland 21045 Debt Relief ... Read More »

                  CFPB Appears to Embrace Debt Workout Arrangements

                  Ready to Collapse

                  The Consumer Financial Protection Bureau has recently released a copy of their new simpler proposed credit card agreements. One point that caught my eye was the use of the term “Workout Arrangement” in conjunction with defaulted debt. The use of this term, rather than specifying credit counseling or some other debt relief channel is very interesting. It mirrors the language ... Read More »

                    Consumer Financial Protection Bureau May Issue Early Warning of Investigation Activity

                    Early Warning 1

                    The CFPB today announced a new policy that may give people under investigation by the CFPB a chance to respond early in an investigation. The Consumer Financial Protection Bureau (CFPB) today outlined plans to provide advance notice of potential enforcement actions to individuals and firms under investigation. The Early Warning Notice process allows the subject of an investigation to respond ... Read More »

                      Maryland Debt Settlement Services Provider – Advisory Notice

                      Ready to Collapse

                      I’d like to thank a very gracious tipster (send in your tips here) for sending me notice of this announcement from the State of Maryland. For all industry and consumers that are interested in free access to the site debt relief compliance module to check current regulations, click here. Get Out of Debt Guy – Twitter, G+, Facebook Need More ... Read More »

                        Free Debt Relief Industry Regulation and Legislation Tracking

                        Debt Management Laws

                        I’m happy to announce today that both consumers and debt relief companies will now have FREE access to debt relief industry compliance, regulation, and legislation resources. This site module for the site will give site visitors fee access to be better informed and educated about debt relief industry regulations. In this module you will find: Updates on current debt ... Read More »

                          CFPB is Looking for Public Comments on Debt Relief Industry


                          Last week I had the pleasure of visiting the Consumer Finance Protection Bureau (CFPB) in Washington, DC. to meet with staff and attend a planning session. Elizabeth Warren started the meeting with an introduction and left the meeting in the capable and good hands of Peggy Twohig and Alice Hrdy, both who supervised debt relief issues over at the FTC, ... Read More »

                            In Ohio If You Are Working With a Credit Counselor You Can’t Be Garnished

                            Ready to Collapse

                            And here is one of those little odd facts that appears from time to time that I never knew. Yes, I still learn new stuff frequently as well. The Ohio statute 2716.03 Commencing proceeding for garnishment of personal earnings says: No proceeding in garnishment of personal earnings shall be brought against a judgment debtor for the collection of a debt ... Read More »

                              See Who is For and Against California SB 708 Debt Settlement Legislation

                              Ready to Collapse

                              A tipster (send in your tips here) sent me in the link to the current California debt settlement bill that listed who was before and against it. What is interesting to note is that Visa is for it and Consumers Union. Gail Hillebrand who was behind these efforts at Consumers Union is now with the CFPB. In Support of the ... Read More »

                                Get My FREE Get Out of Debt Guy Newsletter

                                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.

                                I promise to keep your email safe and secure.