1E Regulating debt management services; defining certain terms and modifying terms relating to debt management services, providers, creditors, and debtors; clarifying registrant default; expanding conditions for commissioner of commerce denial of applicant registration and written debt management services agreement requirements, conditions and prohibitions, making conforming amendments; regulating debt settlement services; defining terms relating to debt settlement services; requiring debt settlement service providers to be registered after a certain date; providing for registration form, term, scope, fees, surety bond and right of action, registrant list, renewal, denial, suspension, revocation and nonrenewal; requiring written debt settlement services agreements with disclosures and a payment trust account; specifying required actions prior to agreement, creditor participation determination, required information, prohibited terms, new debt settlement services agreements and funds held in trust requirements; providing debtor right to cancel and specifying notice and automatic termination; requiring registrant records, books, accounts and information; specifying annual report and debtor statements; specifying provider fees; specifying provider prohibitions; regulating advertisement of services; providing a right to debtor rescission, enforcement, remedies and commissioner investigations
(rt)