Credit Counseling Industry's Most Comprehensive State Law Guide Now Available
The AADMO State Law Summary is a summary of each of the state laws that may impact debt management organizations' primary credit counseling or debt management operations. The Summary is updated periodically to reflect changes in the law, updated contact information and new regulatory opinion letters.
Kingwood, TX (PRWEB) March 11, 2009 -- The American Association of Debt Management Organizations (AADMO), the largest trade association for the credit counseling industry, has released its updated 415 page credit counseling state law summary.
The AADMO State Law Summary is a summary of each of the state laws that may impact debt management organizations' primary credit counseling or debt management operations. The Summary is updated periodically to reflect changes in the law, updated contact information and new regulatory opinion letters.
The AADMO State Law Summary now contains up to five distinct sections for each individual state:
1) Debt Management
2) Credit Services Organizations
3) Charitable Solicitations
4) Unauthorized Practice of Law
5) Money Transmission/Money Transmitters
"Due to the many and frequent changes to the laws that apply to credit counseling, there are new concerns about legal compliance in areas that were not historically of concern to the industry - for example, the laws that apply to money transmitters," 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.
FINDING HELP WITH CREDIT AND DEBT PROBLEMS
"If families are having difficulties making ends meet or facing financial difficulties, they many want to contact a credit counseling agency for a private and confidential personal budget analysis. Credit counseling is a time tested method to help consumers get back on their feet," said Guimond.
According to Guimond, "Most states have laws regulating credit counseling agencies so consumers can be assured of working only with legally operating and quality agencies. Through AADMO consumers can learn which states issue licenses, those agencies that are licensed and where to find those agencies."
Mark Guimond has given numerous speeches including those to the Congressional Black Caucus Foundation and the Illinois Department of Financial Institutions encouraging consumers to look for licensed and legally authorized credit counseling agencies.
The AADMO web page (www.AADMO.org) identifies all licensed or authorized credit counseling agencies that are approved by the respective state.
Consumers can get help from legitimate and approved credit counselors. To find a list of authorized agencies published by a state visit www.AADMO.org and click on the "Find a Credit Counselor" button.
The AADMO web page links consumers directly with states that publish lists of authorized agencies. Those states that regulate credit counseling agencies but do not have a list of authorized agencies on the web have the appropriate contact information listed. Those states that do not require, or do not publish a list, are indicated with "List of authorized credit counseling agencies not available."
Some states, such as Alaska, Massachusetts and Arkansas do not currently have any license requirements for credit counselors and therefore do not have any list of authorized agencies. Other states, such as Florida, Georgia and Ohio, have laws regulating credit counseling but do not have a license requirement.
California requires that non-profit credit counseling agencies file for an exemption to licensing rather than obtain a license. Washington, D.C. repealed its law and Washington State abolished its license requirement.
ABOUT AADMO
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 www.AADMO.org or call 281-361-2325.
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