HB 10-1230: Uniform Debt-Management Services Act

• Expands trust account definition to include accounts held by persons other than providers or affiliates that meet trust account requirements.

• Repeals insurance requirements for initial provider registration and renewal applications.

• Eliminates requirements for independent accreditation, staff certification within 12 months, and disclosure of not-for-profit executives' compensation in registration applications.

• Caps set-up fees at the lesser of $400 or 4% of principal debt amount and standardizes monthly service fees at $10 per creditor (maximum $50/month) for debt settlement plans.

• Requires providers claiming not-for-profit status without federal tax-exempt certification to disclose this fact clearly and conspicuously to consumers.