OH HB624

Reorganizes debt adjusting regulations from Chapter 4710 to sections 4712.50-4712.55 of the Revised Code and requires debt adjusters to register with the Ohio Attorney General.

Establishes fee limits for debt adjusting services, including caps of $75 for initial consultation, $100 annual consultation fees, and 8.5% of monthly payments (minimum $30) for ongoing debt management plan administration.

Requires debt adjusters to maintain separate trust accounts for debtor funds, obtain annual independent audits by certified public accountants, and carry insurance coverage for employee dishonesty and fraud of at least $100,000.

Prohibits debt adjusters from sending cease-and-desist letters to creditors, charging fees for services covered by federal compliance, and performing unauthorized practice of law.

Creates registration requirements and enforcement mechanisms for the Attorney General, including grounds for denial, suspension, or revocation of registration based on financial fraud history, felony convictions, or material violations of the regulations.