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Debt Settlement Bill Advances

By Shelley Kofler, KERA News

Austin, TX – Legislation that would regulate debt settlement companies has advanced in the state legislature. Wednesday the Attorney General filed suit against two debt settlement companies in North Texas claiming they over-promised when they said they could eliminate consumer credit card debt in three years.

Today a bill sponsored by Dallas' Rafael Anchia was sent to the House. Some in the industry don't like the provisions that would force the unregulated companies to register and give the state's consumer credit counseling commissioner the authority to require companies to disclose information about their activities.

Email Shelley Kofler