FL S1828

Defines "debt management plan" (DMP) and "debt settlement plan" (DSP) as written agreements between credit counseling agencies and debtors for reducing debts, with creditors potentially reducing finance charges or settling for less than principal amounts.

Requires credit counseling agencies to disclose material information to debtors before payment, including time needed for results, settlement offer timelines, accumulation requirements, and warnings about adverse credit effects and potential lawsuits.

Prohibits credit counseling agencies from misrepresenting aspects of debt services, including savings amounts, timeframes, success rates, and whether the entity is nonprofit.

Prevents agencies from collecting fees until they have renegotiated at least one debt, the debtor has made at least one payment under the plan, and fees are proportional to individual debt amounts or a consistent percentage of savings.

Allows debtors to withdraw funds from accounts at insured financial institutions at any time without penalty and receive all non-earned funds within 7 business days, and permits agencies to hold funds longer than 30 days if necessary for accumulation to meet payment obligations.