Wednesday, April 7, 2010

Illinois legislature moving toward strong regulation of debt settlement

The Illinois House has passed legislation that would cap advance fees on debt settlement at $50 and limit overall fees to 15% of the debt settled -- which is what legislation offered up this year in Maryland would also have done.

The Maryland House Economic Matters Committee will vote soon on whether the matter should be referred to a working group, of which MCRC would be a member. We urge consumers to tell their delegates to support the working group.

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