Debt Settlement and Credit Counseling

CUA’s effort in the area of debt settlement and credit counseling agencies is focused on consumer protection. Generally, CUA does not encourage consumers to use debt settlement companies and has been interested in ensuring that these companies are regulated. In the area of credit counseling agencies, CUA does encourage consumers to use these services, particularly agencies that are nonprofit, accredited agencies.

Bills related to this subject:

2006

Did not pass:

HB06-1280 - Uniform Debt-Management Services Act
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This bill would have established the regulation of the debt-management service industry within the Department of Law. The bill establishes rules of the profession and requires that all debt-management entities register with the Attorney General.

2007

Did not pass:

HB07-1215 Uniform Debt-Management Services Act
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This bill attempted to regulation both debt settlement companies and credit counseling agencies. The bill would have established rules of the profession and requires that all debt-management service entities register with the Attorney General.

Passed:

SB07-057 Regulate Debt Settlement Services
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The act requires debt settlement service providers to be registered with the state Attorney General and a state assistant attorney general shall serve as administrator of the act.