OH SB112

Reorganizes debt adjustment regulation by renumbering Chapter 4710 sections to sections 4712.50-4712.54 of the Revised Code

Allows public employees to authorize wage deductions for payment to nonprofit debt pooling companies or nonprofit budget and debt counseling services

Establishes requirements for debt adjusters including maintaining trust accounts, limiting fees, conducting annual audits, and maintaining insurance coverage for employee dishonesty and fraud

Exempts persons operating in compliance with federal regulations (16 C.F.R. part 310) from certain state requirements and requires disclosure of creditors unlikely to negotiate settlements

Creates penalties including fines up to $10,000 for violations of debt adjustment regulations and establishes misdemeanor offenses for reckless violations