Senate Sponsors: O'MALLEY. House Sponsors: BIGGINS-BUGIELSKI-SAVIANO Short description: CUR EXCHANGE-LLC-DEBT MGT ACT Synopsis of Bill as introduced: Amends the Currency Exchange Act. Provides that the Act applies to limited liability companies and authorizes limited liability companies to conduct business as a currency exchange. Amends the Financial Planning and Management Service Act. Changes the title of the Act. Changes the short title to the Debt Management Service Act. Provides that the Act applies to the business of planning and managing the financial affairs of a debtor, including receiving money from the debtor to pay debts. Establishes procedures for revocation and suspension of licenses. Provides for annual examinations of licensees. Limits fees that may be charged. Requires client funds to be maintained in trust funds. Effective January 1, 1998. SENATE AMENDMENT NO. 2. Removes provision exempting licensees under the Consumer Installment Loan Act from the scope of the Debt Management Service Act. Makes technical changes. HOUSE AMENDMENT NO. 1. Limits the amount of fees that a licensee may charge a debtor. Requires quarterly, rather than monthly, accounting to the debtor. Provides that a majority of the members of the Advisory Board must be active in a debt management or consumer credit counseling service. HOUSE AMENDMENT NO. 2. Provides that the average monthly counseling fee may not exceed $30, rather than $20, per debtor for all debtors counseled. FISCAL NOTE, S-AM 2 & H-AM's 1 & 2 (Dept. of Financial Inst.) SB 805, amended by S-am 2 and H-am's 1 & 2 would have no fiscal impact on this Dept. GOVERNOR'S AMENDATORY VETO MESSAGE In a Section of the General Not For Profit Corporation Act that lists purposes for which not-for-profit corporations may be formed, recommends including among those purposes the provision of debt management services as authorized by the Debt Management Service Act. Last action on Bill: PUBLIC ACT.............................. 90-0545 Last action date: 97-12-01 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 1 END OF INQUIRY Full Text Bill Status