Legislative Session number- 86

Bill Name: SF0518

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)