Tuesday, April 6, 2010

Senate moves debt settlement bill to study phase

The Senate agreed by acclimation today to move SB 701 to an interim study phase. MCRC has been formally named to the study to represent consumers.

“While of course we would have preferred passage of a strong bill, MCRC is glad that the Senate recognizes the need to protect consumers and to pass meaningful regulations,” said MCRC Executive Director Marceline White. “We look forward to participating in the study and to helping bring a good bill forward in the next session. We are also hopeful that the FTC will issue new rules this spring that will address some of these important issues.”

The Federal Trade Commission is considering new rules that would, among other things, ban advance fees in debt settlement. For more information about the proposed FTC rules, go here: http://www.ftc.gov/opa/2009/07/tsr.shtm.

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