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 outlines specific criteria that would disqualify an applicant from receiving a license, such as prior convictions for crimes involving moral turpitude, violations of the act, or being affiliated with a collection agency.

Additionally, the bill introduces new definitions and clarifications regarding what constitutes a "collection agency" and the activities that fall under this designation. It emphasizes the need for individual applicants to be certified as counselors and sets a requirement for non-individual applicants to ensure their counselors become certified within a specified timeframe. The bill also includes provisions for the director to waive certain restrictions under specific circumstances, providing flexibility in the licensing process.

Statutes affected:
House Introduced Bill: 451.416