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IA SSB3090
SB
AI Summary
- Allows debt management licensees to maintain either a separate bank trust account or a dedicated account for holding debtor payments intended for creditors
- Removes the prohibition on licensees receiving consideration from third parties in connection with services rendered to debtors
- Establishes that licensees cannot collect fees for debt management services unless they have renegotiated, resolved, or altered at least one debt through a contractual agreement executed by both debtor and creditor
- Requires that the debtor must have made at least one payment under the resolution agreement before the licensee can collect fees
- Exempts persons licensed for debt management under section 533A.2 from debt adjustment licensing requirements when acting within the scope of their license
Legislative Description
A bill for an act relating to debt management programs, services, fees, and licensee requirements.(See SF 2298.)
Last Action
Committee report approving bill, renumbered as SF 2298.
2/11/2026
Committee Referrals
Commerce1/28/2026
Full Bill Text
No bill text available