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FOR IMMEDIATE RELEASE |
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Rep.
Peter J. Daley |
  
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House Commerce Committee moves measure
to create licensure for credit counseling and debt management services
HARRISBURG, June 17 – The state House Commerce Committee today unanimously voted in favor of a measure to license people who provide credit counseling and debt management services.
House Bill 2294, introduced by state Rep. Dwight Evans, D-Phila., would create the Debt Management Services Act, which would require all people providing credit counseling and debt management services in the Commonwealth to be licensed by the Department of Banking.
Before the licensee and consumer enter into a debt management service agreement they would have to have orally reviewed the analysis, the budget and the debt management services agreement through a person-to-person discussion.
"Due to the current economic conditions, more than ever, consumers need financial assistance," said Rep. Peter J. Daley, House commerce committee chairman. "This legislation provides safeguards to protect the public from those who would try to take advantage of individuals at their most vulnerable times."
"This legislation will provide consumers who use debt management services many protections that are currently absent from Pennsylvania law. I appreciate the opportunity to work with Chairman Daley on this important issue," said Rep. Dick Hess, minority chairman of the Commerce Committee.
The Department of Banking would develop a license application and applicants would be required to pay a $2,000 application fee. The renewal license fee would be $1,250 per year.
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