Credit And Bankruptcy Legislation - Missouri

SCS/SBs 712 & 882 - This act allows a consumer to request that a "security freeze" be placed on his or her credit report, which prohibits credit reporting agencies from releasing the consumer's credit report or credit score without specific authorization from the consumer. Credit reporting agencies are directed to place a freeze on any consumer's credit report within five days of the receipt of such a request. The reporting agency must notify the consumer in writing within ten days of enacting the security freeze and must provide instructions for removing or temporarily lifting the freeze. No fee may be charged by a credit reporting agency for a consumer's first security freeze request, but a fee up to $10 may be charged for any subsequent freeze request made by the same consumer. Credit reporting agencies may issue credit reports subject to a freeze in certain circumstances that include: when requested or authorized by the consumer, pursuant to a court order, during times when the [...]

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SB 1108 - This act requires debt settlement providers only to provide debt settlement services under a debt settlement plan when performing the services for a fee. Debt settlement services are defined as the negotiation, settlement, or alteration of the terms of payment of a consumer's debt with the consumer's creditor without receiving or holding money from a consumer for the purpose of distributing that money to the creditor. Under the plan, the provider may only charge reasonable consideration not to exceed 4% of the principal amount of the debt in enrollment fees and 20% of the principal amount of the debt in aggregate fees. The balance shall be collected in equal payments over a period determined by the provider as long as the last payment is due no sooner than the median month in the plan. The debtor may voluntarily prepay fees, and the provider may accelerate collection of fees once the provider has obtained offers of settlement from creditors for at least one-half of the [...]

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SB 1108 - This act requires debt settlement providers only to provide debt settlement services under a debt settlement plan when performing the services for a fee. Debt settlement services are defined as the negotiation, settlement, or alteration of the terms of payment of a consumer's debt with the consumer's creditor without receiving or holding money from a consumer for the purpose of distributing that money to the creditor. Under the plan, the provider may only charge reasonable consideration not to exceed 4% of the principal amount of the debt in enrollment fees and 20% of the principal amount of the debt in aggregate fees. The balance shall be collected in equal payments over a period determined by the provider as long as the last payment is due no sooner than the median month in the plan. The debtor may voluntarily prepay fees, and the provider may accelerate collection of fees once the provider has obtained offers of settlement from creditors for at least one-half of the [...]

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