A bill that grants nonprofit financial counseling agencies a one-time adjustment to their fee schedule so they may continue to provide debt management and settlement services to Californians was signed into law by Governor Gavin Newsom this week.
Senate Bill 985, authored by Senator Rosilicie Ochoa Bogh (R-Yucaipa), would specifically provide as a criteria for exemption from the Proraters Law that the nonprofit community service organization receives from a debtor no more than a one-time sum not to exceed $100 for education and counseling combined in connection with debt management or debt settlement services and not to exceed 15% of the money disbursed monthly or $75 per month, whichever is less. The bill would also revise and recast…
