Mo. Lawmaker Seeks Changes in Debt Company Laws

8 years 3 weeks 9 hours ago Monday, April 04 2011 Apr 4, 2011 Monday, April 04, 2011 4:22:00 PM CDT April 04, 2011 in News
By: Associated Press

JEFFERSON CITY (AP) - Companies that offer to help people reduce their debt would have to follow several new rules under legislation before a Missouri Senate panel.

St. Louis County Republican John Lamping told a Senate finance panel Monday that some for-profit debt reduction companies try to trick customers into paying for services they never receive. Officials from two debt industry organizations voiced support
for the legislation.

Lamping's bill would require debt reduction companies to tell customers how long it will take to pay down their balances. They would also have to explain whether their services would hurt a
client's credit. And, a debt reduction company would not get paid until a customer had made at least one payment toward lowering the debt itself.

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