H.B. No. 131 Summary

• Reorganizes debt adjusting regulations by renumbering Chapter 4710 sections to sections 4712.50-4712.54 of the Revised Code

• Establishes fee limits for debt adjustment services: maximum $75 for initial consultation, $100 annually for consultation fees, and 8.5% of monthly payments or $30 (whichever is greater) for ongoing administration

• Requires debt adjustors to maintain separate trust accounts, disburse debtor funds within 30 days, obtain annual audits by certified public accountants, and maintain insurance coverage for employee dishonesty and computer fraud of at least $100,000

• Allows public employees to authorize payroll deductions for debt adjustment services through nonprofit debt pooling companies operating under the renamed chapter

• Provides exemptions for federal mortgage entities, banks, credit unions, attorneys providing legal services, and persons incidentally adjusting their own debts; establishes penalties for violations including fines up to $10,000 and potential criminal charges