Texas debt management service providers must follow new surety legislation. The new law is titled SB 141 and requires debt management service providers to obtain a surety bond in a quantity equivalent to the average daily balance of the trust account holding funds for Texas consumers over a six-month period before the bond is issued. read more »
North Dakota debt management service providers must follow new surety law. The new law is named HB 1038 and requires debt management service providers to obtain a $50,000 surety bond in order to be licensed with the state. The new law allows the Commissioner of the Department of Financial Institutions to require a greater bond read more »
New surety bond legislation was recently enacted in Colorado State. The new law is named HB 1206 and requires surety companies to provide written notification to the Attorney General upon cancelation of the bond required of debt management service providers; the bond required is currently $50,000.
Maryland State has added a new law relating to debt settlement service providers. The new law is named SB 741/HB 1022 and requires debt settlement service providers to obtain a surety bond if they have a client deposit funds in an account for the payment of debt settlement fees. The surety bond required must be read more »
A new bond requirement has been added to Maryland state legislation. The new law, which is named SB 741/HB 1022, requires debt settlement service providers within the state to acquire a $50,000 surety bond in order to register with the state. The surety bond must be written by a state authorized surety company and debt read more »
All debt collectors in the state of North Dakota have a new requirement to meet in order to stay legal with the state. A new bill titled HB 1080 attaches a new $25,000 net worth requirement to the present legislation regulating debt collection agencies which already requires a $20,000 surety bond. Depending on whether the read more »