FL H0471

Adds definitions for "debt negotiation services," "debt negotiation organization," "concession," "debt principal," and "plan" to Florida Statutes section 817.801

Prohibits debt negotiation organizations from charging fees before executing a signed service contract, making false or misleading representations, or failing to obtain required insurance coverage of at least $100,000 for employee dishonesty and computer fraud

Limits debt negotiation organization fees to one-half of the difference between the original debt principal and the concession agreed upon with creditors, collected only after settlement is finalized

Requires debt negotiation service contracts to include detailed descriptions of services, payment terms, business address, cancellation rights within 5 business days, and a standardized Notice of Right to Cancel in boldface type

Exempts attorneys providing legal representation from debt negotiation organization requirements and becomes effective July 1, 2010