Saturday, March 27, 2010

General Assembly's move to regulate debt settlement featured in Washington Post

The Washington Post has an excellent story about the debt settlement legislation in the General Assembly. MCRC recently did a report on debt settlement and the need to regulate it in Maryland. This is a timely issue; the Senate Finance Committee is scheduled to vote on its debt settlement bill this Tuesday.

Ylan Q. Mui reports: ... The Maryland General Assembly is considering a bill that would cap the firms' fees, which are often paid before they make a single call to a creditor. In one year, complaints about such companies to the state attorney general's office have quadrupled to 121. Investigations have been launched in Illinois, Vermont, Maine, New York and Florida.

"It's a sign of the times. . . . People found themselves in deeper and deeper debt," said Marceline White, executive director of the Maryland Consumer Rights Coalition. "As they were trying to dig out, these firms rose up."

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