The bill amends section 9.79 of the Revised Code and enacts new sections 4710.01 through 4710.19 to create a comprehensive licensing framework for debt services providers in Ohio. It introduces key definitions related to the licensing process, such as "license," "debt resolution services," and "licensee." The legislation mandates that licensing authorities compile a list of specific criminal offenses that may disqualify individuals from obtaining a license, focusing only on offenses directly related to the duties of the licensed occupation. It also protects individuals from being denied a license based solely on certain criminal convictions or vague moral character assessments, while outlining the evaluation factors for those with a criminal history. Additionally, the bill repeals existing sections related to debt services, promoting consumer protection and accountability in the industry.

The bill establishes that no person may offer debt resolution services without a license from the superintendent of financial institutions, which is tied to the primary business address of the licensee. It details the application process, including necessary documentation and exemptions for certain organizations and professionals. The superintendent is granted authority to suspend licenses if public interest is at risk and to investigate suspected unlawful practices. Key consumer protection measures include clear agreements detailing services and fees, prohibiting upfront charges until a debt is resolved, and requirements for licensees to provide monthly accounting statements. The legislation aims to enhance consumer rights, prevent deceptive practices, and ensure ethical standards within the debt resolution industry, with penalties for violations and a timeline for implementing the new regulations.

Statutes affected:
As Introduced: 9.79, 4710.01, 4710.02, 4710.03, 4710.04, 4710.99