Enactments in Credit Counseling/Debt Management Bonds

The state of Minnesota does not completely adjust the license bond requirement for debt management suppliers. The new law gives the Commissioner the ability to briefly waive any licensing requirement for good cause shown, and bonding is necessary for licensing.

The state of Pennsylvania calls for debt management services providers to be licensed and bonded. Immediately before the bill was passed, it was changed so that the bond amount is more than the total amount of Pennsylvania consumer funds that the applicant will hold openly or in trust at any point in time. As it was originally stated, the bill would have required the bond amount to be $100,000.00.