Bill
Bill > H1051
MA H1051
Relative to the licensing and supervision of debt management services in the Commonwealth
summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Relative to licensing and supervision of debt management services by the Division of Banks. Financial Services.
AI Summary
This bill regulates the licensing and supervision of debt management services in the Commonwealth. It establishes a licensing requirement for providers of debt management services, sets standards for the operation of these services, and grants the Commissioner of Banks authority to oversee and enforce compliance. The bill defines key terms, outlines application and renewal requirements, and specifies permissible and prohibited practices for licensees. It also establishes provisions for consumer protections, such as required disclosures, trust account requirements, and limitations on fees. The bill takes effect 180 days after passage, except for the Commissioner's authority to promulgate regulations, which takes effect immediately.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H4976 (on 09/01/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H1051 |
| Bill | https://malegislature.gov/Bills/192/H1051.pdf |
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