Thursday, April 7, 2011

Improved Debt Settlement Bill Passes Out of Senate Finance-Call Senators TODAY

The Senate Finance Committee, responding to consumer advocates concerns, has passed an amended debt settlement bill out of Senate Finance. House bill 1022 retains important consumer protection provisions-it expands the scope of the federal rule prohibiting debt settlement firms from collecting upfront fees to include interstate, intrastate, internet, and face-to-face meetings. The bill also clarifies when the lawyers who settle debts will be regulated. Finally, the bill requires debt settlement firms to register with the Commissioner of Financial Regulation and to report annually on their performance.

In 2013, the Commissioner on Financial Regulation and the Consumer Protection Division of the Attorney General's office will offer recommendations on licensing and fee caps.

Although MCRC would clearly prefer a bill that sets reasonable fee caps on debt settlement firms, we did not want to codify the debt enrolled fee structure in earlier versions of the bill which contained such high fee caps that the fees could wipe out any consumer savings.  This bill expands consumer protection and will allow regulators to work with consumer advocates and the industry to set appropriate caps based on data. We support this bill.


The bill will be voted on by the full Senate tomorrow (Friday)! 

PLEASE CALL YOUR SENATORS AND URGE THEM TO PASS HB 1022. Find your senator's contact information here: http://mlis.state.md.us/ 

Call or email Members of the Economic Matters Committee and urge them to support HB 1022

Dereck Davis dereck.davis@house.state.md.us 410-841-3519
David Rudolph david.rudolph@house.state.md.us 410-841-3444
Charles Barkley charles.barkley@house.state.md.us 410-841-3001
Ben Barnes ben.barnes@house.state.md.us 410-841-3046
Aisha Braveboy aisha.braveboy@house.state.md.us 410-841-3707
Emmett Burns emmett.burns@house.state.md.us 410-841-3352
Brian Feldman brian.feldman@house.state.md.us 410-841-3186
Jeanne Haddaway-Ricio jeannie.haddaway@house.state.md.us 410-841-3429
Hattie Harrison hattie.harrison@house.state.md.us 410-841-3486
Stephen Hershey steve.hershey@house.state.md.us 410-841-3543
Tom Hucker tom.hucker@house.state.md.us 410-841-3474
Richard Impallaria rick.impallaria@house.state.md.us 410-841-3334
Sally Jameson sally.jameson@house.state.md.us 410-841-3337
Benjamin Kramer benjamin.kramer@house.state.md.us 410-841-3485
Mary Ann Love maryann.love@house.state.md.us 410-841-3511
Brian McHale brian.mchale@house.state.md.us 410-841-3319
Warren E. Miller warren.miller@house.state.md.us 410-841-3582
Joseph Minnick joseph.minnick@house.state.md.us 410-841-3332
John Olszewski john.olszewski@house.state.md.us 410-841-3458
Steven Shuh steve.shuh@house.state.md.us 410-841-3206
Kelly Schulz kelly.schulz@house.state.md.us 410-841-3080
Donna Stifler donna.stifler@house.state.md.us 410-841-3278
Michael Vaughn michael.vaughn@house.state.md.us 410-841-3691

    ____________________________________________

    Subscribe to MCRC blog updates via email; click here.

No comments:

Post a Comment