Debt Settlement Rules & Regulations in Tennessee
Debt Consolidation and Debt Settlement Definitions in Tennessee
Tennessee has a type of law referred to as “debt adjusting” law.
Tennessee's Debt Adjusting Definition and Penalties
Debt adjusting - doing business in debt adjusting, budget counseling, debt management, or debt pooling service or holding oneself out, by words of similar import, as providing services to debtors in the management of their debts to do any of the following:
(i) Effect the adjustment, compromise, or discharge of any account, note or other indebtedness of the
debtor, or
(ii) Receive from the debtor and disburse to the debtor's creditors any money or other thing of value; or
(iii) Solicit business and advertise as a debt adjuster
Current Tennessee Debt Settlement Legislation
TN H.B. 744 Concerns Credit, Consumer; requires both for profit and non profit consumer credit services businesses to obtain a signed statement from consumers that they understand that participation in a debt management plan may negatively impact the consumer's credit rating.
Disposition: 03/28/2006 Taken Off Notice For Calendar in Subcommittee Consumer Affairs of Consumer and Employee Affairs of Consumer & Employees Affairs Committee
TN H.B. 1351 Concerns Credit, Consumer; requires both non-profit and for-profit consumer credit services businesses to obtain a signed statement from consumers that they understand that participation in a debt management plan may negatively impact the consumer's credit rating.
Disposition: 05/23/2005 Effective date(s) 07/01/05; Public Chapter 199
TN S.B. 692 Concerns Credit, Consumer; requires both for-profit and non-profit consumer credit services businesses to obtain a signed statement from consumers that they understand that participation in a debt management plan may negatively impact the consumer's credit rating.
Disposition: 03/21/2005 Assigned to Gen. Sub Commerce, Labor and Agriculture Committee
TN S.B. 1234 Concerns consumer credit; requires both non-profit and for-profit consumer credit services businesses to obtain a signed statement from consumers that they understand that participation in a debt management plan may negatively impact the consumer's credit rating.
Disposition: 05/23/2005 Companion became Public Chapter 199
Debt Consolidation, Debt Settlement and Bankruptcy
Our debt specialists would appreciate the opportunity to discuss the differences between Debt Consolidation, Debt Settlement and Bankruptcy with you. Many people do not realize that bankruptcy stays on their credit report for many years and that debt consolidation appears as a TPA (Third Party Assistance). Debt Settlement could save you as much as half on your unsecured debt, and debt consolidation can simplify the bill paying process.
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