By Senators Hobbs, Mullet

ADOPTED 3/10/2015

On page 12, line 40, after "debt." insert "By contract a provider may charge a total fee for debt adjusting services, including, but not limited to, any fee charged by a financial institution or a third-party account administrator, may not exceed twenty percent of the total debt listed by the debtor on the contract. The fee retained by the provider from any one payment made by or on behalf of the debtor may not exceed twenty percent of the payment."

EFFECT: To limit the fee of debt adjusters to 20% of the total debt listed by the debtor.