OH SB120

Amends the definition of "debt adjusting" in Ohio Revised Code section 4710.01 to include services for management, reduction, or elimination of debts, encompassing adjustment of interest rates, waiver or reduction of fees, and debt discharge through principal reduction.

Creates new section 4710.05 exempting persons engaged in debt adjusting from state requirements if they operate in compliance with federal laws and regulations, including those under 16 C.F.R. part 310.

Defines "resides" to mean living in a particular place on either a temporary or permanent basis.

Repeals existing section 4710.01 of the Revised Code.

Prohibits the bill from being construed as permitting unauthorized practice of law by persons engaged in debt adjusting.