The act implements the recommendations in the 2023 sunset report by the department of regulatory agencies by:
Continuing the regulation of debt-management service providers for 11 years, to 2035;
Requiring a debt-management service provider to maintain records of the education provided to an individual;
Requiring settlement agreements between a consumer and creditor to be in writing; and
Requiring fees paid by debt-management service providers to be set administratively instead of through the rule-making process.
APPROVED by Governor May 22, 2024
EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)