HB 2191 (2009)
The Debit Management Service providers bond is required for all types of “debt management” services including debt settlement, some loan modification companies, credit repair companies, debt proration and financial education programs.
“Debt Management Service” means performing any of the above activities for which a person receives money or other valuable consideration or expects to receive money or other valuable consideration.
With HB 2191 you are required to register with the Department of Consumer and Business Service and obtain bonding.
The Surety bond for Debit Management Service providers is a $25,000 Surety bond. It has a 30 day cancellation clause in the bond form.
