MO HB661

Redefines "debt adjuster" to include any person providing debt relief services for consideration, and adds new definitions for "debt relief services," "debt settlement plan" (DSP), and clarifies existing terms.

Allows debt adjusters to operate under either a debt management plan (DMP) or new debt settlement plan (DSP), with fees capped at $50 initial setup plus $35/month or 8% of monthly distributions for DMPs.

Requires debt adjusters to obtain surety bonds of $50,000 (if handling no consumer money) or $100,000 (otherwise) to protect debtors from breach or misadministration.

Mandates debt adjusters disclose material information before consumers agree to pay, including timeframe for results, credit impact warnings, accumulation requirements before settlement offers, and rights regarding escrow account withdrawals.

Prohibits debt adjusters from receiving fees until at least one debt is renegotiated, the debtor makes one payment, and fees are calculated either proportionally or as a consistent percentage of savings.