SB 597 – Allows debt adjusters to administer debt management plans

• Sponsor: Scott
• LR Number: 2294S.01I
• Committee: Financial & Governmental Organizations and Elections
• Last Action: 4/2/2007 - SCS Voted Do Pass S Financial & Governmental Organizations and Elections Committee (2294S.04C)
• Effective Date: August 28, 2007

Current Bill Summary

SCS/SB 597 - This act defines "reasonable consideration" that is allowed as remuneration for administering a debt management plan. Under such plans, debt adjusters may charge $50 as a set-up fee, and the greater of $35 per month or 8% of the amount distributed monthly to creditors.

Debt adjusters must provide a $100,000 bond before administering a debt management plan.

This act is similar to HB 329 (2007).

CHRIS HOGERTY