The bill amends the Debt Management Act of 1975 by updating the licensing process for debt management applicants. It specifies that the department must investigate the applicant's responsibility, experience, character, and general fitness before issuing a license. The investigation must include a review of the applicant's officers, partners, or managers, depending on the type of legal entity. The bill also clarifies that the department cannot issue a license if the investigation reveals certain disqualifying factors, such as prior convictions for crimes involving moral turpitude, violations of the act, or if the applicant is affiliated with a collection agency.

Additionally, the bill introduces new definitions and clarifications regarding what constitutes a "collection agency" and outlines the exceptions to this definition. It emphasizes the requirement for individual applicants to be certified as counselors before obtaining a license, and mandates that counselors employed by non-individual applicants must also become certified within a specified timeframe. The bill includes provisions for the director to waive certain restrictions under specific circumstances, ensuring a more flexible approach to licensing while maintaining regulatory oversight.

Statutes affected:
House Introduced Bill: 451.416