Yesterday, Consumer Services in Ontario announced that it would be introducing new legislation to strengthen consumer protection rules for debt settlement services. In making the announcement, the Ministry said:
“Ontario consumers need to have confidence that they’re getting what they pay for when purchasing debt settlement services. We’re going to introduce legislation that would protect some of our most vulnerable consumers from being taken advantage of, at a time when they need the most help.”
The new legislation, if passed, would include rules: banning companies from charging upfront fees for debt settlement services; capping the total fees consumers are charged; requiring clearer agreements; introducing a 10-day cooling-off period; and allowing non-compliant companies’ licenses to be revoked.
According to the Ministry, there are currently 22 companies and 28 credit counseling providers offering debt settlement services in Ontario.
For a link to the Ministry’s news release see: Strengthening Rules for Debt Settlement Services.
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