OH HB182

Reorganizes and renumbers Ohio's debt adjusting regulations from Chapter 4710 to sections 4712.50-4712.54 of the Revised Code

Caps fees for debt adjusting services: initial consultation limited to $75, annual consultation fees capped at $100, and periodic management fees cannot exceed 8.5% of monthly payments or $30 (whichever is greater)

Requires debt adjusters to maintain separate trust accounts for debtor funds, disburse money to creditors within 30 days, and undergo annual independent audits by certified public accountants

Mandates debt adjusters obtain insurance coverage for employee dishonesty, depositor forgery, and computer fraud equal to 10% of monthly average deposits (minimum $100,000)

Exempts persons operating in compliance with federal regulations from conflicting state requirements and requires disclosure of creditors unlikely to negotiate directly with the debt adjuster