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: CL&P BlogFTC Issues Tough Rules For Debt Settlement Companies
By Brian Wolfman
As explained in this article from today's Washington Post, the Federal Trade Commission has just issued tough rules aimed at curbing the deceptive practices of the debt relief industry. The article explains:
The Federal Trade Commission issued stringent new rules cracking down on the burgeoning debt-relief industry . . .. The new regulations prevent any for-profit debt-relief company from collecting advance fees as of Oct. 27 . . .. Starting Sept. 27, it also requires companies to disclose how much the process could cost and how long it may take consumers to see results. The FTC also set new rules for creating and managing the accounts consumers use to save money to pay off debt. Advertising claims were also restricted.
Read the FTC's explanation of the new rules and the rules themselves. Go here and here for our prior blog posts on the debt settlement industry.
Full post as published by CL&P Blog on July 30, 2010 (boomark / email).
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