SCS HCS HB 329 -- DEBT ADJUSTERS

This bill 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 not exceeding $50 for
an initial set-up fee and the greater of $35 per month or 8% of
the amount distributed monthly to creditors 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.

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