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2000 SESSION

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SB 376 Nonprofit debt counseling agencies; fees and qualifications.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Nonprofit debt counseling agencies; fees and qualifications. Authorizes licensed nonprofit debt counseling agencies to be reimbursed for the cost of a credit report and actual bank charges for automatic account debiting for debt repayment. The maximum monthly fee is increased from five to 20 dollars. No person or organization outside the Commonwealth may offer its debt counseling services to persons in the Commonwealth without qualifying under State Corporation Commission standards and paying the applicable license fee. The bill also requires such agencies to provide the debtor with a separate written notice informing the debtor that the provision of debt pooling and distribution services may have a derogatory effect on the debtor's credit report and credit scores.


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