Sunset Debt-Management Service Providers
- 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.)