Debt Management/Settlement Services
Debt Settlement Services Act
The DSSA provides that entities that currently engage in the debt settlement services business with Pennsylvania residents for a fee or other consideration must have a completed license application submitted to the Department by December 1, 2014, in order to be able to continue to engage in the debt settlement services business with Pennsylvania residents for a fee or other consideration.
Debt Management Services Act
A licensing scheme for the debt management services industry in Pennsylvania was created by the Debt Management Services Act, effective February 6, 2009. This act also prohibits the conduct of the debt settlement services business for a fee until regulations are promulgated authorizing such business.