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Senate Roll Call on
2013 Senate Bill 5338: Addressing nonprofit debt adjusters

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.

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Senate Roll Call on 2013 Senate Bill 5338

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