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IA SF2298
Bill
AI Summary
- Amends requirements for debt management licensees to maintain either a separate bank trust account or dedicated account for debtor payments intended for creditors
- Removes prohibition on licensees receiving third-party consideration in connection with services rendered to debtors for certain debt management program models
- Restricts licensees from collecting fees for debt management services unless they have successfully renegotiated, resolved, or altered at least one debt and the debtor has made at least one payment under the new agreement
- Requires fees charged for individual debt settlements to be proportional to the debt amount relative to the total enrolled debt balance
- Exempts persons licensed for debt management under section 533A.2 from debt settlement service licensing requirements when acting within the scope of their debt management license
Legislative Description
A bill for an act relating to debt management programs, services, fees, and licensee requirements.(Formerly SSB 3090.)
Last Action
Committee report, approving bill. S.J. 281.
2/12/2026
Full Bill Text
No bill text available