Amends TCA Title 47, Chapter 18.
Tennessee SB1078 enacts the Debt Resolution Services Act, requiring licensure for debt resolution service providers in the state. It affects entities that negotiate or alter debt terms between consumers and unsecured creditors, establishing qualifications for licensure, exemptions, and regulatory oversight by the commissioner of commerce and insurance. Key provisions include requirements for surety bonds, consumer disclosures, fee structures, and the ability for consumers to terminate agreements without penalty.
Tennessee SB1078 enacts the Debt Resolution Services Act, requiring licensure for debt resolution service providers in the state. It affects entities that negotiate or alter debt terms between consumers and unsecured creditors, establishing qualifications for licensure, exemptions, and regulatory oversight by the commissioner of commerce and insurance. Key provisions include requirements for surety bonds, consumer disclosures, fee structures, and the ability for consumers to terminate agreements without penalty.
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