Bill Going After Those That Take Advantage
If you have ever been the victim of a debt relief scam, take heart
because you are not alone and soon they may have to pay for their
crimes. The Uniform Law Commission has recently released a proposal
whereby the debt relief industry would be responsible for their choices.
Those people who have turned to debt consolidation, settlement,
negotiation, etc. companies and have ended up in a worse situation than
before will be heartened to know that there will be justice served.
The Commission says that they had drafted the Uniform Debt Management
Services Act in 2002 to take care of these kinds of issues and that
consumers are still being taken advantage of. They say that they are
preying on those that need help the most, and making matters worse.
The new bill will help them with a new purpose. They are trying to curb
abuse and regulate the industry as they see that they are getting no
where with the way things are now. They say that the proposals in the
act affect the way that debt consolidation, debt settlement, and credit
counseling work by making them disclose more information about the
process than ever before, and it restricts them to certain amounts that
they are allowed to charge by law.
The act was filed on March 13th and the proposals are contained in
Senate Bill 2233 and have been filed in Texas as the majority of debt
consolidation, settlement, etc. groups are based out of there – and they
have no regulations in place to protect consumers.
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