OH HB534

Requires debt resolution services providers to obtain a license from the Ohio Superintendent of Financial Institutions before offering services to Ohio residents, with licenses valid for two years and requiring a surety bond up to $50,000

Prohibits licensees from collecting fees until they successfully renegotiate, settle, or alter at least one debt and the consumer makes at least one payment under the settlement agreement

Mandates comprehensive written agreements disclosing services, fees, estimated timelines, and warnings that debt resolution may harm credit scores, result in lawsuits from creditors, and create taxable income

Exempts nonprofit organizations, attorneys, banks, certified public accountants, judicial officers, and credit counseling services that do not negotiate debt settlements

Authorizes the Superintendent to impose penalties up to $1,000 per violation (maximum $100,000 total) and to suspend or revoke licenses for material violations, with the new licensing provisions taking effect one year after enactment