Ohio’s Debt Adjusters Act (starting at R.C. 4710.01) sets rules and regulations for individuals, partnerships, associations, corporations, trusts, and other legal entities that offer debt adjusting, budget counseling, debt management, debt pooling or other services that effect the adjustment of a debt or disburse money from a debtor to the debtor’s creditor.
Among other provisions, the law:
Requires debt adjusters to file the results of an annual audit, conducted by an independent CPA, with the Attorney General's Office.
Requires debt adjusters to maintain separate trust accounts for funds and maintain $100,000 insurance coverage to protect against loss of debtors’ money.
Prohibits debt adjusters from accepting more than $75 for initial consultation, accepting more than $100 annually for consultation fees or contributions, and charging a periodic fee or contribution more than 8.5 percent of amount paid by debtor each month or $30, whichever is greater.