1Providing for the licensure of persons providing debt settlement
2services, for powers and duties of the Department of Banking
3and for enforcement; imposing civil penalties; and making a
4related repeal.


6Chapter 1. Preliminary Provisions

7Section 101. Short title.

8Section 102 Definitions.

9Section 103. Nonapplicability.

10Chapter 3. Licensure

11Section 301. Requirements.

12Section 302. Application and required documentation.

13Section 303. Required information for application.

14Section 304. Not-for-profit license fees.

15Section 305. Penal bond.

16Section 306. Application information.

17Section 307. Public availability of application information.

18Section 308. Certificate of licensure.

1Section 309. Renewal of license.

2Section 310. Grounds for denial.

3Section 311. Payday loans.

4Section 312. Reinstatement.

5Section 313. Limitations.

6Chapter 5. Provider Responsibilities

7Section 501. Good faith.

8Section 502. Prerequisites for providing debt settlement

10Chapter 7. Administration and Enforcement

11Section 701. Powers and duties.

12Section 702. Administrative proceedings.

13Section 703. Reports to department.

14Section 704. Violations.

15Section 705. Banking Fund.

16Chapter 21. Miscellaneous Provisions

17Section 2101. Relation to Electronic Signatures in Global and
18National Commerce Act.

19Section 2102. Transitional provisions.

20Section 2103. Repeal.

21Section 2104. Effective date.

22The General Assembly of the Commonwealth of Pennsylvania
23hereby enacts as follows:



26Section 101. Short title.

27This act shall be known and may be cited as the Debt
28Settlement Services Act.

29Section 102. Definitions.

30The following words and phrases when used in this act shall

1have the meanings given to them in this section unless the
2context clearly indicates otherwise:

3"Affiliate." Any of the following:

4(1) A person that directly controls, is controlled by or
5is under common control with the licensee.

6(2) An officer of or individual performing similar
7functions with respect to the licensee.

8(3) A director of or individual performing similar
9functions with respect to the licensee.

10(4) An officer or director of or an individual
11performing similar functions with respect to a person
12described in paragraph (1).

13"Agreement." An agreement between a provider and an
14individual for the performance of debt settlement services.

15"Bank." A financial institution, including a commercial
16bank, savings bank, savings and loan association, credit union,
17mortgage bank and trust company, engaged in the business of
18banking, chartered under Federal or State law and regulated by a
19Federal or State banking regulatory authority.

20"Concessions." Assent to repayment of a debt on terms more
21favorable to an individual than the terms of the contract
22between the individual and a creditor.

23"Debt settlement services." Services as an intermediary
24between an individual and one or more unsecured creditors of the
25individual for the purpose of obtaining concessions where the
26contemplated concessions involve a reduction in principal of the
27individual's unsecured debt. The term does not include:

28(1) Legal services provided in an attorney-client
29relationship by an attorney licensed or otherwise authorized
30to practice law in this Commonwealth.

1(2) Accounting services provided in an accountant-client
2relationship by a certified public accountant licensed to
3provide accounting services in this Commonwealth.

4(3) Financial planning services provided in a financial
5planner-client relationship by a licensed member of a
6financial planning profession.

7"Department." The Department of Banking of the Commonwealth.

8"Good faith." Honesty in fact and the observance of
9reasonable standards of fair dealing.

10"Payday loan." As follows:

11(1) A loan or advance of money or credit to a consumer
12that, for a fee, finance charge or other consideration, does
13all of the following:

14(i) Accepts a check or other repayment mechanism
15from the consumer.

16(ii) Agrees to hold the check or repayment mechanism
17for a deferment period.

18(iii) Pays to the consumer a cash advance, a locally
19cashable check, debit card or money order or credits to
20the consumer's account the amount of the check less
21finance charges permitted.

22(2) The term includes an arrangement in which a person
23pays a cash advance to a consumer in return for a repayment
24mechanism and a fee, finance charge or other consideration.

25"Person." An individual, corporation, business trust,
26estate, trust, partnership, limited liability company,
27association, joint venture or any other legal or commercial
28entity. The term does not include a public corporation,
29government or governmental subdivision, agency or

1"Program." A program or strategy in which a provider
2furnishes debt settlement services.

3"Provider." A person required to be licensed under this act
4and that provides, offers to provide or agrees to provide debt
5settlement services.

6"Record." Information that is inscribed on a tangible medium
7or that is stored in an electronic or other medium and is
8retrievable in perceivable form.

9"Secretary." The Secretary of Banking of the Commonwealth.

10Section 103. Nonapplicability.

11This act does not apply to the following persons or their
12employees when the person or the employee is engaged in the
13regular course of the person's business or profession:

14(1) A judicial officer, a person acting under an order
15of a court or an administrative agency or an assignee for the
16benefit of creditors.

17(2) A bank, bank holding company or the subsidiary,
18agent or affiliate of either, or a credit union or other
19financial institution licensed under Federal or State law.

20(3) A title insurer, escrow company or other person that
21provides bill-paying services if the provision of debt
22settlement services is incidental to the bill-paying



26Section 301. Requirements.

27(a) General rule.--Except as provided under subsection (b)
28and on or after the effective date of this section, a provider
29may not provide debt settlement services to an individual who it
30reasonably should know resides in this Commonwealth at the time

1it agrees to provide the services, unless the provider is
2licensed under this act.

3(b) Nonapplicability.--If a provider is licensed under this
4act, subsection (a) shall not apply to an employee or agent of
5the provider.

6(c) Listing.--The department shall maintain and publicize a
7list of the names of all licensed providers.

8Section 302. Application and required documentation.

9(a) Form.--An application for licensure as a provider must
10be in a form prescribed by the department.

11(b) Fee and documentation.--An application for licensure as
12a provider must be accompanied by:

13(1) A licensing fee established by the department.

14(2) One of the following:

15(i) Evidence of minimum insurance in an amount of

17(ii) A surety bond filed with the department, in a
18form approved by the department, for a term no less than
19the expiration of the license and in the amount of
20$25,000. The surety bond must run to the Commonwealth for
21the benefit of the Commonwealth and of an individual who
22resides in this Commonwealth that agrees to receive debt
23settlement services from the provider. Payment of surety
24bond must be conditioned upon noncompliance of the
25provider or its agent with this act.

26(3) Proof that the provider is authorized by the laws of
27this Commonwealth to conduct business in this Commonwealth.

28Section 303. Required information for application.

29An application for a license under this act shall be
30submitted to the department in the form required by the

1department and shall include the following:

2(1) The applicant's name, address, telephone number,
3electronic mail address and Internet website.

4(2) The address of each location in this Commonwealth
5where the applicant will provide debt settlement services.

6(3) The name and address of each owner, officer,
7director or principal of the applicant.

8(4) The name and address of the applicant's agent for
9service of process in this Commonwealth.

10(5) A description of the ownership interest of an
11officer, director, agent or employee of the applicant in an
12affiliate or subsidiary of the applicant or in another
13business entity that will provide any service to the
14applicant or to a consumer relating to the applicant's
15provision of debt settlement services.

16(6) A list of other states in which the applicant is
17licensed or registered for the provision of debt settlement
18services, including a relevant license or registration number
19and information regarding whether a license or registration
20in another state has ever been suspended or revoked.

21(7) A copy of a liability or fidelity insurance policy
22that insures against dishonesty, fraud, theft or other
23malfeasance on the part of the applicant's employees,
24officers, directors or principals.

25(8) A copy of the applicant's standard debt settlement
26services agreement.

27(9) A penal bond meeting the requirements of section

29(10) Except as provided under section 304, a
30nonrefundable fee of $2,000.

1(11) Any other reasonable requests for information that
2the department determines to be necessary to its review of a
3license application.

4Section 304. Not-for-profit license fees.

5Notwithstanding any other provision of this act, a domestic
6or foreign not-for-profit corporation or association registered
7under 15 Pa.C.S. Pt. II Subpt. C (relating to nonprofit
8corporations) with the Secretary of the Commonwealth which has
9annual gross revenues from debt settlement services fees and
10charges of less than $3,000,000 annually shall pay an initial
11license fee of $500 and an annual renewal fee of $350.

12Section 305. Penal bond.

13(a) Issuance.--

14(1) The department shall issue a license under this act
15if, prior to the issuance of the license, the applicant
16obtains and maintains a bond that meets all of the following:

17(i) Is from a surety company authorized to do
18business in this Commonwealth.

19(ii) Is in an amount equal to $25,000.

20(iii) The licensee will hold directly or in trust.

21(iv) Is in a form acceptable to the department.

22(2) The bond shall meet all of the following:

23(i) Be a penal bond conditioned on compliance with
24this act and subject to forfeiture by the department.

25(ii) Run to the Commonwealth for its use.

26(iii) Be for the use of a person against the
27licensee for the benefit of a consumer who is injured by
28a violation of this act or regulation promulgated under
29this act.

30(iv) Contains a cancellation provision as provided

1under subsection (d).

2(b) Right of aggrieved person.--

3(1) If a person is aggrieved, the person may do one of
4the following:

5(i) With the written consent of the department,
6recover fees and costs from a bond by filing a claim with
7the surety company or maintaining an action on the bond.

8(ii) Recover fees and costs by filing a formal
9complaint against the licensee with the department which
10shall adjudicate the matter. The adjudication shall be
11binding upon the surety company and enforceable by the
12department in Commonwealth Court and by an aggrieved
13person in any court.

14(2) An aggrieved person seeking to recover from a bond
15that has already been forfeited by the department or which
16the department is in the process of forfeiting may recover
17payment on the bond if, after filing a petition with the
18department, the department consents to the aggrieved person's
19requested payment or portion of the payment. The department
20may pay the aggrieved person from the bond proceeds it

22(c) Additional relief.--

23(1) Nothing under this section shall be construed to
24limit the ability of a court or magisterial district judge to
25award to an aggrieved person other damages, court costs and
26attorney fees, except that claims that are not fees or
27related costs may not be recovered from the bond.

28(2) The department may consent to or order pro rata or
29other recovery on the bond for an aggrieved person if claims
30against the bond may or shall exceed its full monetary


2(d) Cancellation of bonds.--A bond shall contain a provision
3that it may not be canceled for cause unless notice of intention
4to cancel is given to the department at least 30 days before the
5day upon which cancellation takes effect. Cancellation of the
6bond shall not invalidate the bond regarding the period of time
7it was in effect.

8Section 306. Application information.

9An applicant or licensed provider must notify the department
10within 60 days after a change in the information required under
11section 302(b)(2)(i) or 303(1), (3) or (5).

12Section 307. Public availability of application information.

13Except for the addresses required under section 303(3) and
14the proprietary information required under section 303(5), the
15department shall make the information in an application for
16licensure and renewal of licensure as a provider available to
17the public.

18Section 308. Certificate of licensure.

19(a) Time for issuance.--The department shall decide whether
20to issue a license to an applicant within 60 days of receiving
21the applicant's completed application. The department may extend
22the time period for 30 days and shall notify the applicant of
23the extended time period, including a final decision date, in

25(b) Investigation.--Upon receipt of a completed application
26the department may conduct an investigation of the applicant,
27including its owners, officers, directors, principals or agents,
28in order to decide whether to issue the license.

29(c) Appeal of denial.--If the department refuses to issue a
30license, it shall notify the applicant in writing that the

1license has been denied, including the reason for the denial and
2that the applicant has the right to appeal the denial to the
3secretary within 30 days.

4(d) Duration.--A license shall be issued for a period of one
5year on a schedule determined by the department, except that if
6a license is issued prior to the beginning of a licensing year,
7the license shall only be valid until the end of that licensing
8year, at which time it may be renewed subject to this act. If a
9license is denied, canceled, surrendered, revoked or suspended,
10no part of the license fee or license renewal fee shall be
11subject to rebate.

12(e) Contents.--The license shall be on a form determined by
13the department and shall contain the name of the licensee, the
14address at which the licensee is conducting business and a
15license number.

16(f) Display.--The license must be displayed prominently at
17the licensee's business locations.

18(g) Transfer prohibited.--

19(1) Except as provided for under this subsection, the
20license may not be transferred, assigned or pledged.

21(2) A licensee may, upon notice to the department,
22transfer up to 50% of the securities of a licensee to another
23entity without affecting the validity of a license granted
24under this act.

25(h) Conditional licenses.--The department may impose
26conditions on the issuance of a license under this act. If the
27department determines that conditions imposed upon a license
28have not been fulfilled, the department may take action
29authorized under this act against the licensee. For applicants,
30the department may issue licenses effective immediately upon

1receipt of an application, which shall be conditional licenses
2issued under this subsection.

3(i) Transitional license.--

4(1) A person that is providing debt settlement services
5before the effective date of this section and that seeks to
6continue providing the services after the effective date of
7this section shall submit an application for a license under
8this act not less than ten days prior to the effective date
9of this section. The applicant may continue to provide debt
10settlement services, according to this act, while the
11department processes the application for licensure.

12(2) A person providing debt settlement services before
13the effective date of this section who does not submit an
14application for a license within ten days of the effective
15date of this section must cease operations until it has met
16the conditions for licensure under this act.

17Section 309. Renewal of license.

18(a) Procedure.--An application for renewal of a license
19shall be submitted to the department in the manner determined by
20the department. The application for renewal shall be accompanied
21by a fee of $1,250.

22(b) Required condition.--The department shall determine the
23information and documentation that shall be provided in the
24application for renewal of a license in a manner sufficient to
25establish that the licensee will continue to conduct its
26business in accordance with this act.

27Section 310. Grounds for denial.

28(a) Reasons.--The department may deny, suspend, revoke or
29refuse to renew a license if the applicant or one of its owners,
30officers, directors, principals or agents did any of the


2(1) Made a material misstatement in the license
3application or a submission required under this act or by the

5(2) Failed to comply with or violated a provision of
6this act or a regulation, order or statement of policy issued
7by the department under this act.

8(3) Engaged in unfair or unethical conduct in connection
9with the debt settlement services business in this

11(4) Does not possess the financial responsibility,
12character, reputation, integrity and general fitness
13sufficient to warrant the belief that the debt settlement
14services business will be conducted lawfully, honestly and in
15the public interest.

16(5) Has been convicted of or pleaded guilty or nolo
17contendere to a crime of moral turpitude or to an offense
18graded as a felony.

19(6) Is currently enjoined by a court of competent
20jurisdiction from engaging in the business of debt settlement
21services in this Commonwealth.

22(7) Has had a license issued by the department denied,
23not renewed, suspended or revoked.

24(8) Has become the subject of a United States Postal
25Service fraud order.

26(9) Has an outstanding debt to the Commonwealth or a
27Commonwealth agency.

28(10) Has failed to maintain the bond required under
29section 305.

30(11) Becomes insolvent.

1(b) Definitions.--As used in this section the following
2words and phrases shall have the meanings given to them in this

4"Insolvent." As follows:

5(1) The liabilities of the applicant or licensee exceed
6the assets of the applicant or licensee.

7(2) The applicant or licensee cannot meet the
8obligations of the applicant or licensee as they mature or is
9in a financial condition that the applicant or licensee
10cannot continue in business in a safe manner to the customers
11of the applicant or licensee.

12Section 311. Payday loans.

13The department shall deny a license under this act to an
14applicant that offers payday loans at the same location for
15which the applicant seeks a license under this act.

16Section 312. Reinstatement.

17The department may reinstate a license that was previously
18suspended, revoked or denied renewal, if all of the following

20(1) A condition that warranted the original action has
21been corrected to the department's satisfaction.

22(2) The department has reason to believe that the
23condition is not likely to occur again.

24(3) The licensee satisfies all other requirements of
25this act.

26Section 313. Limitations.

27(a) Name or address.--A licensee may not conduct business
28under this act under a name or at an address different from that
29contained on the licensee's license. If a licensee changes its
30name or its business address, it shall notify the department

1within ten days of the change and the department shall issue a
2new license specifying the licensee's new name or address.

3(b) Other businesses.--A licensee may not conduct a business
4other than the debt settlement service business licensed by the
5department under this act unless it notifies the department in
6writing at least 30 days before beginning to conduct that



10Section 501. Good faith.

11A provider must act in good faith in all matters under this

13Section 502. Prerequisites for providing debt settlement

15(a) Disclosure.--Before an individual consents to pay for
16goods or services offered by a provider, the provider must
17disclose truthfully, in a clear and conspicuous manner, the
18following material information:

19(1) All of the following:

20(i) The amount of time necessary to achieve the
21represented results.

22(ii) The extent to which the debt settlement
23services may include a settlement offer to any of the
24individual's creditors or debt collectors, including:

25(A) The time by which the provider will make a
26bona fide settlement offer to each of the
27individual's creditors or debt collectors.

28(B) The cost to the individual for providing
29debt settlement services.

30(2) If the debt settlement service includes a settlement

1offer to any of the individual's creditors or debt
2collectors, the amount of money or the percentage of each
3outstanding debt that the individual shall accumulate before
4the provider will make a bona fide settlement offer to each
5of them.

6(3) If an aspect of the debt settlement services relies
7upon or results in the individual's failure to make timely
8payments to creditors or debt collectors, that the use of the
9debt settlement services will likely adversely affect the
10individual's creditworthiness, may result in the individual
11being subject to collection actions or sued by creditors or
12debt collectors and may increase the amount of money the
13individual owes due to the accrual of fees and interest.

14(4) If the provider requests or requires the individual
15to place funds in an account at a bank, that the individual
16owns the funds held in the account, the individual may
17withdraw from the debt settlement services at any time
18without penalty and, if the individual withdraws, that the
19individual shall receive all funds in the account, other than
20funds earned by the provider, within seven business days of
21the individual's request.

22(b) Prohibition.--A provider may not misrepresent, directly
23or by implication, any material aspect of any debt settlement
24services, including:

25(1) The amount of money or the percentage of the debt
26amount that an individual may save by using the service.

27(2) The amount of time necessary to achieve the
28represented result.

29(3) The amount of money or the percentage of each
30outstanding debt that the individual shall accumulate before

1the provider will initiate attempts with the individual's
2creditors or debt collectors or make a bona fide offer to
3negotiate, settle or modify the terms of the individual's

5(4) The effect of the service on the individual's

7(5) The effect of the service on collection efforts of
8the individual's creditors or debt collectors.

9(6) The percentage or number of individuals who attain
10the represented results.

11(7) Whether debt settlement services are offered or
12provided by a nonprofit entity.

13(c) Payment or consideration.--A provider may not receive
14payment of a fee or consideration for debt settlement services

16(1) The provider has renegotiated, settled, reduced or
17otherwise altered the terms of at least one debt under a debt
18settlement plan.

19(2) The individual has made at least one payment under
20the debt settlement plan.

21(3) The fee or consideration for settling each
22individual debt enrolled in a debt settlement plan meets one
23of the following:

24(i) Bears the same proportional relationship to the
25total fee for settling the entire debt balance as the
26individual debt amount bears to the entire debt amount.
27For purposes of this subparagraph, the individual debt
28amount and the entire debt amount shall be amounts owed
29at the time the debt was enrolled in the debt settlement

1(ii) Is a percentage of the amount saved as a result
2of the settlement. The percentage charged may not change
3from one individual debt to another. For purposes of this
4subparagraph, the amount saved shall be the difference
5between the amount owed at the time the debt was enrolled
6in the debt settlement service and the amount actually
7paid to satisfy the debt.

8(d) Construction.--Nothing under this section shall prohibit
9requesting or requiring the individual to place funds in an
10account to be used for the provider's fees for payments to
11creditors or debt collectors in connection with the
12renegotiation, settlement, reduction or other alteration of the
13terms of payment or other terms of debt, if:

14(1) The funds are held in an account at a bank.

15(2) The individual owns the funds held in the account
16and is paid any accrued interest on the account, if any is

18(3) If the provider does not administer the account, the
19entity administering the account is not owned, controlled by
20or affiliated with the provider.

21(4) The entity administering the account does not give
22or accept any money or other compensation in exchange for
23referrals of business by the provider.

24(5) The individual may withdraw from the debt settlement
25services at any time without penalty and shall receive all
26funds in the account, other than funds earned by the provider
27in compliance with this section, within seven days of the
28individual's request.

29(e) Nonlicensed provider.--If a provider is not licensed as
30required under this act when an individual assents to an

1agreement, the agreement shall be voidable by the individual.



4Section 701. Powers and duties.

5The department shall have the authority to:

6(1) As follows:

7(i) Examine an instrument, document, account, book,
8record or file of a licensee or a person having a
9connection to the licensee or make other investigations
10as may be necessary to administer this act. The
11examination may include documents, accounts, books or
12records that relate to the operation of the licensee that
13are in the possession of an affiliate, subsidiary or
14other business entity.

15(ii) Under the authority of this paragraph, the
16department may remove an instrument, document, account,
17book, record or file of a licensee or person to a
18location outside of the licensee's or person's office

20(iii) The examination may be conducted without prior
21notice to the licensee or person and the costs of the
22examination shall be paid by the licensee or person
23subject to the examination.

24(2) Conduct administrative hearings on a matter
25pertaining to this act and issue subpoenas to compel the
26attendance of witnesses or the production of documents,
27accounts, books or records at a hearing. A document, account,
28book or record subject to subpoena may be retained by the
29department until the proceeding in connection with which it
30was subpoenaed is completed. A department official may

1administer oaths or affirmations to a person whose testimony
2is required.

3(3) Request and receive information or records,
4including reports of criminal history record information,
5from a Federal, State, local or foreign government entity
6regarding an applicant, a licensee or a person related to the
7business of debt settlement services. The cost associated
8with the request shall be paid by the applicant or licensee.

9(4) Promulgate regulations or issue statements of policy
10or orders to ensure the proper administration or enforcement
11of this act and the proper conduct of licensees under this

13(5) Prohibit a person or licensee that violates this act
14from working in a capacity related to activities regulated by
15the department.

16(6) Order a person or licensee to make restitution for
17actual damages to consumers caused by a violation of this act
18or to refund fees collected in violation of this act.

19(7) Issue a cease and desist order that takes effect
20immediately and is subject to a hearing within 14 days of the
21issuance of the order.

22(8) Impose other conditions or take other actions as the
23department deems appropriate to administer or enforce this

25(9) Provide the following on its Internet website:

26(i) Information for licensees on the provisions of
27this act.

28(ii) Information for consumers regarding the
29protections of this act.

30(iii) Information on filing consumer complaints,

1including a toll-free telephone number.

2(iv) A list of current licensees.

3Section 702. Administrative proceedings.

4(a) Hearings.--A person aggrieved by a decision of the
5department may appeal the decision to the secretary. The appeal
6shall be conducted under 2 Pa.C.S. Ch. 5 Subch. A (relating to
7practice and procedure of Commonwealth agencies).

8(b) Injunctions.--The department may maintain an action for
9an injunction or other process against a person to restrain or
10prevent the person from violating this act.

11(c) Final orders.--

12(1) A decision of the secretary shall be a final order
13of the department and shall be enforceable in a court of
14competent jurisdiction.

15(2) The department may publish final adjudications
16issued under this section, subject to redaction or
17modification to preserve confidentiality.

18(d) Appeals.--A person aggrieved by a decision of the
19secretary may appeal the decision under 2 Pa.C.S. Ch. 7 Subch. A
20(relating to judicial review of Commonwealth agency action).

21Section 703. Reports to department.

22(a) Annual report.--A licensee shall file an annual report
23with the department on a date determined by the department
24setting forth information as the department shall require
25concerning the debt settlement services business conducted by
26the licensee during the preceding calendar year. The report
27shall be on a form provided by the department.

28(b) Report of enforcement action.--A licensee shall report
29to the department a final, nonappealable order finding a
30licensee guilty or liable in any enforcement action taken

1against the licensee by any Federal or State agency. The report
2must be filed no later than seven days after the licensee is
3made aware of the final order. The licensee shall provide
4updates to the department as to the status of an enforcement
5action as required by the department.

6(c) Penalty.--A licensee who fails to file an annual report
7with the department as required under subsection (a) may be
8subject to a penalty of $100 for each day after the date that
9the annual report was required to be filed.

10Section 704. Violations.

11(a) Imposition.--The department may impose a civil penalty
12of up to $10,000 for each violation of this act.

13(b) Unfair trade practices.--A person who is in violation of
14this act shall be in violation of the act of December 17, 1968
15(P.L.1224, No.387), known as the Unfair Trade Practices and
16Consumer Protection Law.

17Section 705. Banking Fund.

18A fee or penalty collected by the department under this act
19shall be deposited into the Banking Fund.



22Section 2101. Relation to Electronic Signatures in Global and
23National Commerce Act.

24This act modifies, limits and supersedes the Electronic
25Signatures in Global and National Commerce Act (Public Law 106-
26229, 15 U.S.C. § 7001 et seq.), but does not modify, limit or
27supersede section 101(c) of the Electronic Signatures in Global
28and National Commerce Act or authorize electronic delivery of
29any of the notices described in section 103(b) of the Electronic
30Signatures in Global and National Commerce Act.

1Section 2102. Transitional provisions.

2Transactions entered into before the effective date of this
3section and the rights, duties and interests resulting from the
4transactions may be completed, terminated or enforced as
5required or permitted by a law repealed or modified under this
6act as though the repeal or modification had not occurred.

7Section 2103. Repeal.

8(a) Intent.--The General Assembly declares that the repeal
9under subsection (b) is necessary to effectuate the purposes of
10this act.

11(b) Provision.--The act of October 9, 2008 (P.L.1421,
12No.117), known as the Debt Management Services Act, is repealed
13insofar as it applies to debt settlement services.

14Section 2104. Effective date.

15This act shall take effect in 60 days.