HB 24-1251 Summary

• Extends the sunset date for debt-management service provider regulation functions from September 1, 2024 to September 1, 2035, with subsection (36) itself repealing on September 1, 2037.

• Requires debt-management service providers to maintain records documenting financial education provided to individuals, implementing recommendations from the 2023 sunset report.

• Mandates that debt settlement on behalf of individuals must be authorized through written settlement agreements or other valid written contractual agreements executed by the individual.

• Changes the administrator's authority to establish reasonable fees for debt-management service provider administration from rulemaking to administrative procedures.

• Takes effect 90 days after adjournment, unless a referendum petition is filed, in which case approval by voters at the November 2024 general election is required.