HB24-1251
Sunset Debt-Management Service Providers
Concerning the continuation of functions related to the regulation of debt-management service providers, and, in connection therewith, implementing the recommendations in the 2023 sunset report by the department of regulatory agencies.
Session:
2024 Regular Session
Subject:
Bill Summary
Financial Services & Commerce
The act 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;
- Requiring a debt-management service provider to maintain records of the education provided to an individual;
- Requiring settlement agreements between a consumer and creditor to be in writing; and
- Requiring fees paid by debt-management service providers to be set administratively instead of through the rule-making process.
APPROVED by Governor May 22, 2024
EFFECTIVE August 7, 2024
(Note: This summary applies to this bill as enacted.)