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Table Of Contents

B. The Commission’s Authority Under the TSR
C. Overview of Debt Relief Services
1. Credit Counseling Agencies
2. For-Profit Debt Settlement Services
II.Overview of the Proposed Rule and Comments Received
III.Summary of the Final Amended Rule and Comments Received
A. Section 310.1: Scope
B. Section 310.2: Definitions
1. Breadth of Definition of Debt Relief Service
2. Limitation to Unsecured Debts
3. Coverage of Products
4. Coverage of Attorneys
C. Section 310.4: Abusive Telemarketing Acts or Practices - Advance Fee Ban
1. Comments Supporting the Proposed Ban on Advance Fees
2. Comments Opposing the Proposed Ban on Advance Fees for Debt Relief
Services
(1)Completion and Dropout Rates
(2)Outcomes for Dropouts
(3)Average Percentage Savings and Savings-to-Fee Ratios
(4)Settlement Rates for All Enrollees
(5)Testimonials from Satisfied Consumers
b. Point 2: Debt Settlement is Superior to Other Debt Relief
c. Point 3: Numerous Debt Settlement Companies Will Go Out
d. Point 4: Debt Settlement Companies Incur Significant Costs in
Providing Pre-Settlement Services
Companies Get Paid and Consumers Fulfill Their Obligations
f. Point 6: The Advance Fee Ban Violates the First Amendment
g. Point 7: State Regulation Is Preferable to Federal Regulation
h. Point 8: The TSR Is Not the Appropriate Vehicle for
Regulating Debt Relief Services
i. Point 9: Very Few Debt Relief Companies Are Engaged in
Abuse, and the Services Are Not “Fundamentally Bogus”
j. Point 10: An Advance Fee Ban Will Not Establish the Proper
Incentives for Debt Settlement Companies
3. The Commission’s Conclusion that Advance Fees for Debt Relief
Meet the Test for Unfairness
a. Advance Fees Charged by Debt Relief Services Cause or Are
Likely to Cause Substantial Injury
(1)Consumers are injured because they pay for services
(2)The amount and timing of front-loaded fees in the debt
(3)The context in which debt relief services are offered has
Benefits
4. Recommendations to Restrict Other Abusive Practices
5. The Advance Fee Ban – Final Rule Amendment
D. Section 310.3: Deceptive Telemarketing Acts or Practices
1. Amendments to Section 310.3(a)(1): Debt Relief-Specific Disclosure
Obligations
(1)Sections 310.3(a)(1)(viii)(A) and (B)
(2)Section 310.3(a)(1)(viii)(C)
(3)New Section 310.3(a)(1)(viii)(D)
2. Proposed Disclosures Not Adopted in the Final Rule
3. Application of Section 310.3(a)(1) to Debt Relief Services: General
Disclosure Obligations
4. Timing of Required Disclosures
5. Recommended Additional Changes to the Disclosure Provisions Not
Adopted in the Final Rule
6. Effective Date
E. Sections 310.3(a)(2) & 310.3(a)(4): Misrepresentations
1. Public Comments on Proposed Section 310.3(a)(2)(x)
2. Final Section 310.3(a)(2)(x)
3. Existing TSR Provisions Prohibiting Deceptive Representations and
Misleading Statements
F. Section 310.6: Exemptions
G.Section 310.5: Recordkeeping
IV.Paperwork Reduction Act
A. Practical Utility
B. Explanation of Burden Estimates Under the Final Rule
Burden Statement:
Estimated Additional Annual Hours Burden: 43,375 hours
1. Number of Respondents
2. Recordkeeping Hours
3. Disclosure Hours
Estimated Annual Labor Cost: $945,361
Estimated Annual Non-Labor Cost: $58,753
4. Recordkeeping Labor and Non-Labor Costs
5. Disclosure Labor and Non-Labor Costs
V. Regulatory Analysis and Regulatory Flexibility Act Requirements
A. Need for and Objectives of the Rule
B. Significant Issues Raised by Public Comment, Summary of the Agency’s
Comments
C. Description and Estimate of the Number of Small Entities Subject to the Final
Rule or Explanation Why No Estimate Is Available
D. Description of the Projected Reporting, Recordkeeping, and Other
Compliance Requirements of the Rule, Including an Estimate of the Classes of
Small Entities Which Will Be Subject to the Rule and the Type of Professional
Skills That Will Be Necessary to Comply
E. Steps the Agency Has Taken to Minimize any Significant Economic Impact on
Small Entities, Consistent with the Stated Objectives of the Applicable
Statutes
List of Commenters and Short-Names/Acronyms Cited in the SBP
TSR Debt Relief Final Rule
Short-name/Acronyms Commenter
List of FTC Law Enforcement Actions Against Debt Relief Companies
List of State Law Enforcement Actions Against Debt Relief Companies
Debt Settlement
Publicly-Announced Investigations
Debt Negotiation
Credit Counseling
Failure to Register
VI.Final Amendments
TELEMARKETING SALES RULE 16 C.F.R. PART 310
§ 310.1 Scope of regulations in this part
§ 310.2 Definitions
§ 310.3 Deceptive telemarketing acts or practices
§ 310.4 Abusive telemarketing acts or practices
§ 310.8 Fee for access to the National Do Not Call Registry
§ 310.9 Severability
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FTC Final Published Rules - Telemarketing and Debt Relief

FTC Final Published Rules - Telemarketing and Debt Relief

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Published by Norris Lozano

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Published by: Norris Lozano on Jul 22, 2011
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