Provides that the fee retained by a debt adjuster from any one payment by the debtor may not exceed fifteen percent of the payment not including fair share. This act defines “fair share” as the creditor contributions paid to nonprofit debt adjusters by the creditors whose consumers receive debt adjusting services from the nonprofit debt adjusters. This act prohibits debt adjusters from accepting any cash, fee, gift, bonus, premium, reward, or other compensation, other than fair share. (see also HB 1572).   Official Text and Analysis.

Provides that all debt adjusters, not just non-profits, may receive fair share. Prior to receiving fair share, a debt adjuster must disclose this to the consumer along with an explanation of fair share.

Provides that debt adjuster stakeholders, along with the office of the attorney general, shall convene to discuss the concept of creditor contributions (fair share) and related issues. The stakeholders must provide the legislature with any legislative recommendations by December 1, 2013.

Adds the definition of fair share to the Debt Adjusting Act, which are creditor contributions paid to debt adjusters by the creditors whose consumers receive debt-adjusting services from nonprofit debt adjusters and pay down their debt accordingly. Fair share does not include grants received by debt adjusters for services unrelated to debt adjusting. It is clarified that the 15 percent cap on fees charged by a debt adjuster does not include fair share and receiving fair share is not a prohibited activity. A stakeholder group must discuss the concept of fair share and whether debt adjusters may receive such compensation from creditors, among other related issues, and provide any proposals to the Legislature by December 1, 2013.