Bill > H2192

This bill aims to regulate the licensing and supervision of debt management services in the Commonwealth of Massachusetts. The key provisions include: 1. Requiring providers of debt management services to obtain a license from the Commissioner of Banks, with exemptions for certain entities like attorneys, accountants, and government agencies. 2. Establishing application requirements for the license, including providing information about the applicant's business, financial responsibility, and any history of financial fraud or misconduct. 3. Granting the Commissioner authority to deny, suspend, or revoke a license based on specified criteria, including the applicant's background and compliance with the law. 4. Requiring providers to maintain separate trust accounts for holding consumer funds, prohibiting commingling of funds, and imposing restrictions on fees and other practices. 5. Mandating providers to provide consumers with detailed disclosures and budget analyses before entering into debt management agreements, and allowing consumers to terminate agreements without penalty. 6. Empowering the Commissioner to examine providers' books and records, and imposing penalties for violations of the law. The bill aims to enhance consumer protections and ensure the responsible operation of debt management services in Massachusetts.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/190/H2192