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Joint comments to the California Department of Financial Protection and Innovation were submitted on proposed rules that would require debt settlement providers to register and submit annual reports on their operations.
NCLC opposes S-2989, which would legalize certain for-profit debt adjusters. For-profit debt adjustment (also known as debt settlement) is bad for consumers and hurts honest businesses. Bankruptcy attorneys, non-profit credit counselors, and self-help are much better alternatives. The debt adjustment industry leads consumers to believe that they can negotiate reduced payoffs on unsecured debts. But…
Read More about Letter in opposition to NJ S-S2989; Debt Settlement Legalization Bill
The comments were submitted in response to the National Conference of Commissioners on Uniform State Laws’ recent request for comments on the proposed revisions to the Uniform Debt-Management Services Act (UDMSA). NCLC remains deeply concerned that the UDMSA does not adequately protect consumers from abusive debt settlement and debt management practices. We previously explained our…
The National Consumer Law Center, on behalf of its low-income consumer clients, and Consumer Federation of America oppose the NCCUSL Uniform Debt Management Services Act unless provisions regulating debt settlement services are removed or dramatically amended. Our key concerns are: The Act regulates debt settlement as a valid type of debt management service. We believe…
Read More about Comments on the NCCUSL Uniform Debt-Management Service Act