H.B.
137
CREDIT SERVICE ORGANIZATIONS ACT REVISIONS
House Floor
Amendments
Amendment 1 March 7, 2013 3:57 PM
Representative Jon E. Stanard
proposes the following amendments:
1. Page
1, Lines 12 through 13
:
12
. modifies the definition of a credit services organization
{
to include a person that
13
provides debt-management services, as defined in this bill
}
; and
2. Page
2, Line 41
:
41
(iii)
{
[debt reduction or debt management plans] debt-management
services
}
implementing a debt reduction plan that includes:
(A) assuming control of a person's funds with the intent to distribute the funds to repay
the person's debt, other than following a person's express written instruction to set up automatic
payments; or
(B) requiring a person to establish a financial account that results in a direct or indirect
pecuniary benefit to the representative, including collection of any accrued interest
.
3. Page
3, Line 62
:
62
incidental to the credit reporting agency's services;
{
or
}
4. Page
3, Lines 63 through 66
:
63
(vii) a person [who] that provides debt-management services and is required to be
64
registered under Title 13, Chapter 42, Uniform Debt-Management Services Act
; or
(viii) a person that solely gives advice or provides software tools, or both, relating to reducing a
person's debt
.
65
{
(4) "Debt-management services" is as defined in Section
13-42-102
.
}
66
{
[
}
(4)
{
]
}
{
(5)
}
"Extension of credit" means the right to defer payment of debt or to
incur debt
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LRGC
cgilbert
cgilbert
S 03/07/13 3:54p