Anyone who directly or indirectly solicits, offers to take, or takes anything of value from debtors to assist them in taking care of their debts must be registered as a debt consolidating agency. Non-profit agencies must provide a fidelity bond. For-profit agencies must provide a surety bond.
As of April 22, 2009, 55 companies were registered in Oregon.
The 2009 legislative assembly passed House Bill 2191 to regulate debt management practices in Oregon. Among other things, the bill required written contracts with certain terms, regulated the maximum fees charged by a debt management service provider, and authorized a limited counseling fee to be implemented by the Department of Consumer and Business Services through rule. The bill applies to contracts made on or after the effective date of the bill. This temporary rulemaking clarifies the provisions of House Bill 2191 that apply to contracts made for debt management services. This temporary rulemaking also implements the limited counseling fee by rule as directed by the legislature.
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