The bill seeks to amend section 9.79 and introduce new sections 4710.01 through 4710.19 of the Revised Code to establish a comprehensive licensing framework for debt services providers in Ohio. It defines key terms related to the licensing process, such as "license," "debt resolution services," and "consumer." The bill mandates that licensing authorities compile a list of specific criminal offenses that could disqualify individuals from obtaining a license, while also ensuring that licenses cannot be denied solely based on non-conviction charges. Additionally, it emphasizes the consideration of past offenses in determining eligibility, focusing on factors like the nature of the offense and evidence of rehabilitation. The bill also repeals previous sections related to debt services, introducing new regulations aimed at enhancing consumer protection and accountability in the industry.

Furthermore, the legislation establishes that no individual or entity 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 outlines the application process, including necessary documentation and the superintendent's authority to deny or revoke licenses based on specific criteria. The bill includes provisions for consumer rights, such as the ability to terminate agreements without penalty and prohibits upfront fees until a debt has been successfully resolved. It also mandates transparency in disclosures related to fees and the impact of services on creditworthiness, while imposing penalties for non-compliance. Overall, the bill aims to create a more regulated environment for debt resolution services, ensuring ethical practices and protecting consumers from deceptive practices.

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