Conference of Uniform State Law Commissioners - Proposes Regulation of Debt Settlement Industry

The Drafting Committee for the Uniform Consumer Debt Counseling Act of the National Conference of Commissioners on Uniform State Laws (NCCUSL) has proposed legislation to regulate the debt settlement industry.

Washington, DC (PRWEB) October 15, 2004

The Drafting Committee for the Uniform Consumer Debt Counseling Act of the National Conference of Commissioners on Uniform State Laws (NCCUSL) has proposed legislation to regulate the debt settlement industry.

The Drafting Committee met in Chicago, IL from October 8 - 10, 2004 and debated numerous issues and policy matters impacting debt settlement. Chief among the legislative provisions is to open up the credit counseling industry to for-profit and non-profit organizations, thus regulating for-profit debt settlement.

The Committee has also proposed regulation of debt settlement that would require licensing, consumer education, written contracts, bonding, impose mandatory consumer disclosures and create reasonable fee limits.

United States Organizations for Bankruptcy Alternatives (USOBA) has already been granted formal observer status to the NCCUSL Drafting Committee for the Uniform Consumer Debt Counseling Act. As a formal observer USOBA is allowed to offer opinions for the record, submit legislative recommendations to the Commissioners and speak on behalf of the debt negotiation industry.

About USOBA:

USOBA was founded by members of the industry seeking representation specifically for debt negotiation outside of credit counseling and bankruptcy law. The mission of USOBA is to create and advocate an agenda solely for the debt negotiation industry.

Headquartered in the Washington, D.C. area, USOBA represents and advocates for the fair regulation of the industry and the protection of consumers. USOBA is the only trade association for the debt negotiation industry and does not combine its message with that of other financial services.

In the last year more than 10 states enacted new laws impacting the debt negotiation industry, several amended their laws, the U.S. House of Representatives again passed its bankruptcy reform legislation and legal drafting committees are attempting to regulate the industry.

With record levels of consumers filing for bankruptcy each year, the credit counseling industry under fire from the IRS, FTC, U.S. Senate and House, consumer advocates and the state legislatures, USOBA members are the last line of help to consumers before going bankrupt.

The use of the USOBA logo by member organizations is contingent on meeting and complying with a minimum set of standards.

For additional information, contact Kallie Guimond at 202-232-6500 or Kguimond@USOBA.org.

Contact Information:

Kallie Guimond, Executive Director

United States Organizations for Bankruptcy Alternatives (USOBA)

202-232-6500

http://www.USOBA.org

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