summary
Introduced
03/12/2019
03/12/2019
In Committee
03/19/2019
03/19/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
133rd General Assembly
Bill Summary
To amend sections 9.45, 2925.01, 4710.01, 4710.03, 4710.04, 4712.01, and 4712.99; to amend, for the purpose of adopting new section numbers as indicated in parentheses, sections 4710.01 (4712.50), 4710.02 (4712.51), 4710.03 (4712.52), and 4710.04 (4712.53); to enact section 4712.54; and to repeal section 4710.99 of the Revised Code regarding debt adjusting.
AI Summary
This bill amends sections of the Ohio Revised Code regarding debt adjusting. Key provisions include:
- Defining "debt adjusting" as managing, reducing, or eliminating a debtor's debts, including obtaining adjustments to interest rates, waivers or reductions of fees, or debt discharge by reducing principal balances.
- Establishing requirements for debt adjusters, such as timely disbursement of funds to creditors, maintaining a trust account, and limiting fees.
- Providing an exemption from certain requirements for debt adjusters operating in compliance with federal laws and regulations.
- Imposing criminal penalties for violations, including fines and potential jail time.
- Clarifying that the bill does not permit the unauthorized practice of law by debt adjusters.
Overall, the bill aims to regulate the debt adjusting industry in Ohio by setting standards for the industry and enforcing compliance through civil and criminal penalties.
Committee Categories
Business and Industry
Sponsors (5)
Last Action
House Financial Institutions Pro./Opp./IP – PS (09:00 11/21/2019 Room 113) (on 11/21/2019)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legislature.ohio.gov/legislation/legislation-summary?id=GA133-HB-131 |
| Bill | http://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_133/bills/hb131/IN/00?format=pdf |
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