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House sponsors seek state licensing, oversight for for‑profit debt‑settlement firms
Summary
Representatives Gumbari and Erica White introduced House Bill 534 in a first hearing, saying the bill would license and regulate for‑profit debt‑settlement companies, align state law with federal rules, and prohibit firms from collecting fees until consumers accept a negotiated settlement.
Representative Gumbari, a joint sponsor of House Bill 534, told the House Financial Institutions Committee that the bill “modernizes Ohio law by creating a clear, regulated framework for for‑profit debt settlement services.” The committee held a first hearing and took no vote.
The measure would align Ohio law with the Federal Trade Commission’s 2010 telemarketing sales rule and federal consumer‑protection standards, Gumbari said, and it would bar debt‑settlement companies from collecting fees from a consumer “until a settlement has been…
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