2E Regulating the business of credit counseling and debt management services; clarifying debt management services providers under commissioner of commerce regulatory authority; defining certain terms; requiring debt management service providers to be registered after a certain date, requiring current licensed debt proraters to renew licenses as debt management service providers, allowing continuance for certain unlicensed debt proraters; requiring registration application to the commissioner of commerce in writing, providing for term and scope of registration, fees, surety bond, condition of bond, right of action on bond and a registrant list; requiring commissioner consent for registration transfers and assignments; requiring annual registration renewal and prescribing registrant duties; specifying registration denial conditions; authorizing the commissioner to suspend, revoke or refuse to renew registrations under certain conditions; requiring written debt management services agreements prior to work performed or money receipt; providing a debtor right to cancel agreement; requiring registrant records retention and debtor statements; regulating fees, payments and creditor consent and withdrawal, payments held in trust, timely payment of creditors and debt management services plans advertising; specifying registrant prohibited practices; restricting advertising of debt management services plans; allowing debtors right to rescind; requiring debt settlement services proof of insurance evidence, specifying minimum amount, regulating aggregate fee charges; authorizing debtor private right of action for violation, providing cumulative remedies and attorney general enforcement; authorizing the commissioner to investigate registrants and providers; repealing debt prorating agency licensure regulatory provisions
(rt)