Kingwood, TX (PRWEB) January 14, 2009
The American Association of Debt Management Organizations (AADMO), the credit counseling industry's only trade association, will host a webinar on Tuesday, January 20, 2009 at 1:00 PM/CST to review the new law in Pennsylvania to regulate credit counseling.
Pennsylvania Governor Edward Rendell signed House Bill 2294 into law on October 9, 2008 thereby enacting sweeping regulation of credit counseling in the state. The new law takes effect 120 days after enactment.
The law, 33 pages in length, had massive support in the state's Senate and House of Representatives. The new law will safeguard consumers with fee caps, trust accounts for consumer funds, oversight by state law enforcement through agency licensing and many other important protections.
The new law will require all credit counseling agencies serving residents of Pennsylvania to obtain a license. To obtain a license credit counseling agencies will have to be accredited through an approved program. AADMO will also review our accreditation program that is available for all organizations without regard to tax status.
"This is an excellent opportunity for credit counseling agency executives, management and legal counsel to learn about this important and complex new law," said Mark Guimond, Executive Director of the AADMO.
"The laws that apply to credit counseling change every day. Our job at AADMO is to help credit counseling agencies comply with the law and better serve consumers. There is no better source for reliable and consistent information than AADMO," added Guimond.
AADMO is the largest trade association for the credit counseling and debt management industry. Nationwide, the majority of licensed and legally operating credit counseling agencies are members of AADMO.
AADMO is an industry education and advocacy organization the mission of which is to promote and ensure the continued operation and viability of credit counseling and debt management organizations.
AADMO members are consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, bankruptcy pre-filing counselors, bankruptcy pre-discharge educators, consumer lawyers and many others.
AADMO is the only trade association to have held state law compliance workshops with the New York State Banking Department and the California Department of Corporations upon enactment of their respective laws governing credit counseling. AADMO is also the only trade association for the industry to publish a formal summary of state laws that has been reviewed by state regulators.
For more information visit http://www.AADMO.org or call 281-361-2325.