Chapter 483 Oregon Laws 1999

Session Law

AN ACT

SB 808

Relating to debt consolidating agencies; creating new provisions; and amending ORS 697.692.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 697.692 is amended to read:

697.692. (1) This section specifies fees that a debt consolidating agency may charge.

(2) A debt consolidating agency may charge a client an initial set-up fee of not more than $25.

(3) A debt consolidating agency may charge for services performed for the client in an amount of not more than 15 percent of the amount actually received by the debt consolidating agency on behalf of a client for payment to creditors.

(4) Except as provided in subsection (5) of this section, a debt consolidating agency shall not charge a person for any discussion with that person that may or may not result in an agreement for services of a debt consolidating agency.

(5) A debt consolidating agency may charge a fee to cover the expenses for education classes if:

(a) The classes are approved by the Director of the Department of Consumer and Business Services, or the classes are required by rule or order of a federal or state agency and the debt consolidating agency is certified by the federal or state agency to provide the education; and

(b) A request to charge the fee has been approved in writing by the director.

[(5)] (6) A debt consolidating agency that charges a fee not authorized under this section is subject to ORS 697.752, 697.762, 697.832 and 697.990 (3).

SECTION 2. The amendments to ORS 697.692 by section 1 of this 1999 Act apply to fees charged for education classes held on or after the effective date of this 1999 Act.

Approved by the Governor July 6, 1999

Filed in the office of Secretary of State July 6, 1999

Effective date October 23, 1999

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