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Debt Settlement Reform

And the trend continues….

In the coming months, we will likely see more regulation for debt settlement companies.  You can be sure that those companies speaking the loudest against the regulations are most certainly the most egregious debt settlement companies scamming the consumer.

Here are a few articles..

How the Financial Reform Bill Could Affect Debt Settlement

Senator Charles Schumer (D-NY), who previously spearheaded changes in credit card disclosures, is again trying to crack down on abuses in the credit industry. Recently, he introduced The Debt Settlement Consumer Protection Act as an amendment to S. 3217: Restoring American Financial Stability Act of 2010, a.k.a. the “financial reform bill.”

Some predict this legislation could be voted on very soon. We’ll be watching.

The DSCPA would regulate the debt settlement (or “debt negotiation”) industry in two key ways:……to read more click HERE

Debt settlement companies face new rules in Indiana

In a piece for legal information website Lexology.com, law firm Loeb & Loeb LLP said that starting on July 1, debt settlement companies will have to get a $25,000 surety bond. They will also have to present a copy of the bond to the state’s attorney general’s office while making disclosures to consumers in the Hoosier State……….to read more click HERE

Stay tuned. Stay afloat. Wealth and freedom are in your future.

Jonathan

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