The State of Kentucky introduced a new bill relating to debt adjusters. The new bill is called HB 166 and requires debt adjusters to acquire a $25,000 surety bond from a surety company authorized to operate in the Commonwealth in relation to registration. The surety bond is for the benefit of any individual undergoing an injury or loss that originated from the debt adjuster’s infringement of the legislation. The surety bond also must be active for two years after the debt adjuster halted to supply its services. HB 166 also authorizes actions on the surety bond.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.