HB 4991

Abstract

Creates the Uniform Debt-Management Services Act. Requires any person that provides, offers, or agrees to provide debt-management services, directly or through others, to register under the Act. Sets forth provisions concerning: applications for registration; issuance or denial of a certificate of registration; renewal of registration; registration in other states; bond requirements; good faith; customer service; prerequisites for providing debt-management services; agreements between providers and consumers; trust accounts; fees and other charges; prohibited acts and practices; notice of litigation; advertising; liability; the powers of the Director of the Division of Financial Institutions of the Department of Financial and Professional Regulation as Administrator under the Act; and other provisions. Exempts certain agreements and persons from the provisions of the Act. Repeals the Debt Management Service Act. Amends the State Finance Act and the General Not For Profit Corporation Act of 1986 to make corresponding changes. Effective January 1, 2007.