HCS HB 329 -- DEBT ADJUSTERS (Cunningham, 145)

COMMITTEE OF ORIGIN:  Special Committee on Financial Institutions

This substitute allows a debt adjuster, working under a debt
management plan, to act as an intermediary between a debtor and
his or her creditors for the purpose of settling debts.  The debt
adjuster can charge a reasonable administration fee if the debtor
is able to pay.

Debt adjusters will be required to provide a blanket bond of at
least $100,000 for the benefit of any debtor who is damaged by a
debt adjuster.

FISCAL NOTE:  No impact on state funds in FY 2008, FY 2009, and
FY 2010.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:18 am