Yesterday there was a hearing in Texas regarding upcoming debt settlement regulation. Below you will find the testimony regarding the Uniform Debt Management Services Act that was given. I was told the committee had no patience for USOBA and John Ansbach, who was not even on the witness list. He attempted to make comments in …
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. …
Today I was able to speak with Mike Croxson from CareOne about their performance fee based debt settlement services. We chatted about what life would be like in the debt settlement world with fee caps, what fee he could operate under, how the front-end debt settlement model is a dinosaur, the issues with credit counselors …
It is reported “the state banking commissioner and the consumer protection division in the attorney general’s office are proposing the law, which would require the companies to register with the state. It also would cap the amount a consumer would have to pay up front to $100 and limit a company’s charges to 15 percent …
I’ll admit I’m a bit late with this news but on April 13, 2010 Kentucky signed into law a new tough set of rules that regulate credit counseling, debt settlement and foreclosure assistance. FRANKFORT, Ky. — Gov. Steve Beshear was joined today by Kentucky Attorney General Jack Conway as he signed into law HB 166, …
This is a guest post by Kenneth Long, President of Fiscal Progress. If you would like to submit a guest post for publication, just send me an email to guestpost@getoutofdebt.org. Steve On September 25, 2008 the Federal Trade Commission (FTC) held a public workshop to explore the for-profit debt settlement industry. Panelists representing debt settlement …
An editorial out of Michigan does a good job of summing up the grassroots feelings of educated consumer activists regarding needed debt settlement regulations. Here is the editorial: Pay off your debts for just pennies on the dollar! One phone call can save you from years of financial misery! Sales pitches like these might sound …
California is very close to passing new regulations regarding debt settlement services. Below you will find the meat of the regulations. You can read the latest version of AB350 Debt Management and Settlement act here. An interesting new twist in this regulation from California is the sentence “The provider’s total fees must be spread over …