Signed by Governor Martin O'Malley

Vote Smart's Synopsis:

Vote to pass a bill allowing for-profit entities to provide debt management services.

Highlights:

- Requires that any counselors employed by a company that provides debt management services be trained in counseling skills, personal finance, budgeting, and credit and debt management before counseling a consumer [sec. 12-907 (4)]. - Requires that the licensed counselor must provide a written summary of the consumer's options for alleviating his or her debt problems before providing debt management services [sec. 12-916 (a) (1) (i) (2)]. - Requires that consumers must sign an acknowledgment that they have reviewed the summary described above before deciding to enter into a debt counseling agreement with the company [sec. 12-916 (a) (1) (i) (3)].

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill allowing for-profit entities to provide debt management services.

Highlights:

- Requires that any counselors employed by a company that provides debt management services be trained in counseling skills, personal finance, budgeting, and credit and debt management before counseling a consumer [sec. 12-907 (4)]. - Requires that the licensed counselor must provide a written summary of the consumer's options for alleviating his or her debt problems before providing debt management services [sec. 12-916 (a) (1) (i) (2)]. - Requires that consumers must sign an acknowledgment that they have reviewed the summary described above before deciding to enter into a debt counseling agreement with the company [sec. 12-916 (a) (1) (i) (3)].

Full Bill Text