Are there any laws and regulations governing debt relief law?

Yes, there are laws and regulations governing debt relief law in Texas. The Texas Credit Services Organization Act, which is the primary law in Texas governing debt relief services, provides protection for consumers from unfair or deceptive business practices. The Act requires debt relief service providers to be licensed, truthful, and honest in their advertising and in their services. The Act forbids debt relief service providers from promising consumers results that cannot be achieved or guaranteeing a specific amount of debt relief. Furthermore, debt relief service providers must provide consumers with written disclosures before signing a contract, including a ten-day period during which the consumer can cancel the agreement without penalty. The Act also requires debt relief service providers to explain the process for resolving debts, provide the consumer with written proof of the debt repayment or settlement, and refrain from charging any fees before providing services such as negotiating or settling debts. In addition, debt relief service providers are prohibited from charging up-front fees that exceed 20% of the amount of debt that is supposed to be eliminated or reduced. Finally, the Act requires debt relief service providers to display the Texas Credit Services Organization Registration Number conspicuously on any website, promotional materials, or contracts.

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Are there any laws and regulations governing debt relief law?

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