Bill > HB534

This bill provides for the licensure and regulation of debt services providers in Ohio, establishing a comprehensive framework for how these providers must operate. The bill creates a new chapter in the Ohio Revised Code that requires debt resolution services providers to obtain a license from the Superintendent of Financial Institutions, mandates specific consumer protections, and sets clear guidelines for how these providers can interact with consumers. Key provisions include requiring providers to obtain a license, establishing rules for fee collection, mandating detailed disclosures in consumer agreements, prohibiting deceptive practices, and creating requirements for record-keeping and consumer communications. The bill defines debt resolution services as programs aimed at renegotiating, settling, or altering the terms of a consumer's unsecured debt, and it applies to providers who offer such services to Ohio residents. The legislation includes extensive requirements about what providers can and cannot do, such as restrictions on advertising, fee collection, and interactions with consumers' creditors. The bill also establishes penalties for violations, with potential fines up to $1,000 per violation and a maximum of $100,000, and provides a mechanism for the Superintendent of Financial Institutions to investigate and take action against non-compliant providers. The new regulations will take effect one year after the bill's passage, with the Superintendent required to develop implementing rules within that timeframe.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/hb534