Sunset Debt-Management Service Providers

Sunset Process - House Judiciary Committee. The bill implements the recommendations in the 2023 sunset report by the department of regulatory agencies by:

• Continuing the regulation of debt-management service providers for 11 years, to 2035 ( sections 1 and 2 of the bill );
• Requiring a debt-management service provider to maintain records of the education provided to an individual ( section 3 );
• Requiring settlement agreements between a consumer and creditor to be in writing ( section 4 ); and
• Requiring fees paid by debt-management service providers to be set administratively instead of through the rule-making process ( section 5 ).
  (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)