AMENDMENT(S) PROPOSED BY THE HOUSE

LABOR AND COMMERCE

1. Line 47, introduced, after apply to

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a

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any bank, savings institution, or credit union or any 

LABOR AND COMMERCE

2. Line 52, introduced, after if,

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remainder of the line through services on line 53

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it offers to provide or provides debt settlement services solely in connection with offering to provide or providing debt management plans

APPROPRIATIONS

1. Line 300, introduced

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all of lines 300 through 304

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A. For providing debt settlement services, a licensee may charge or receive a fee totaling either (i) no more than 15 percent of the principal amount of the debt enrolled by a consumer into the licensee's service or (ii) no more than 30 percent of the difference between the amount owed by a consumer at the time the licensee settles the debt and the amount to be paid by the consumer to satisfy the debt.

B. If more than one debt is the subject of a debt settlement services agreement, the licensee may only charge or collect that proportion of the total fee allowable under clause (i) of subsection A that equals the proportion of the aggregate debt the individual settled debt represents.

C. A licensee shall not charge or receive any other fee or compensation from a consumer for providing debt settlement services other than the fee provided for in this section.