OH SB226

Amends section 4710.01 of the Revised Code to define "debt adjusting" as providing services to debtors for management, reduction, or elimination of debts, including adjusting interest rates, waiving fees, reducing principal balances, or disbursing funds to creditors.

Enacts section 4710.05 creating a federal compliance exemption allowing persons engaged in debt adjusting who operate in compliance with federal laws and regulations, including 16 C.F.R. part 310, to be exempt from division (B) of section 4710.02 and any conflicting state requirements.

Defines "resides" as living in a particular place on a temporary or permanent basis and establishes that "person" includes individuals, partnerships, associations, corporations, trusts, and other legal entities.

Explicitly preserves existing prohibitions against unauthorized practice of law by debt adjusters.