❌ SB256
Provide for licensure of debt services providers
Summary
The bill provides for the licensure of debt services providers in Ohio, requiring them to obtain a license from the superintendent of financial institutions before offering debt resolution services. It establishes criteria for disqualification based on criminal offenses, mandates the filing of a surety bond, and outlines the application and renewal process for licenses. The bill also specifies the rights of consumers and the obligations of licensees regarding fees and service agreements.
Rationale
The bill introduces a regulatory framework that imposes licensing requirements on debt services providers, which conflicts with the Libertarian principles of minimal government intervention and free markets. Both the LP and LPO platforms oppose occupational licensing and government mandates that restrict individual freedom and market competition.
Risks and Concerns
- Increased government control over private business operations
- Potential for reduced competition in the debt services market
- Imposition of barriers to entry for new providers