SB 597 Allows debt adjusters to administer debt management plans
Sponsor: Scott
LR Number: 2294S.01I Fiscal Note: 2294-01
Committee: Financial & Governmental Organizations and Elections
Last Action: 4/2/2007 - SCS Voted Do Pass S Financial & Governmental Organizations and Elections Committee (2294S.04C) Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2007

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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