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FOR IMMEDIATE RELEASE |
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Rep.
Peter J. Daley |
  
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House Commerce Committee to hold public hearing in Pittsburgh on credit counseling licensure
HARRISBURG, May 13 – The state House Commerce Committee will hold a public hearing this week in Pittsburgh on a proposal by state Rep. Dwight Evans, D-Phila., to license people who provide credit counseling and debt management services
The hearing is scheduled for 10:30 a.m. Thursday, May 15 in Lawrence Hall at Point Park University, 201 Wood Street, Pittsburgh.
Media coverage is invited
Evans’ proposal, contained in H.B. 2294, 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.
"This is a very appropriate bill given the current economic climate," said Evans, chairman of the House Appropriations Committee. "More than ever, consumers need assistance with their finances. This legislation provides safeguards to protect the public from those who would try to take advantage of people with financial problems."
Those exempt from licensure would include attorneys, certified public accountants, financial institutions chartered under federal or state law; title insurance companies, judicial officers or people acting under court order.
The Department of Banking would develop a license application and applicants would be required to pay a $1,000 application fee. The renewal license fee will be $500 per year.
"There are no instant solutions to finance problems," said Commerce Committee Chairman Peter J. Daley, D-Washington/Fayette. "Many organizations and businesses offer services to help manage and reduce debt, but consumers need to be watchful for scams. This hearing will offer recommendations on fine tuning this bill so that we may protect vulnerable Pennsylvanians."
Daley said the hearing will include testimony from Paul Wentzel, executive assistant, Pennsylvania Department of Banking; Stephen Piotrowski, president/CEO, Advantage Credit Counseling Services Inc.; Steve Shivak, executive director, Pittsburgh Community Reinvestment Group; Mark Guimond, executive director, American Association of Debt Management Organizations; Russell Graves, Consumer Credit And Budget Counseling; and Doug Miskew, senior vice president, Care One Services Inc.
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