Proposal
Improving Consumer Protection - Debt Settlement Services
Regulation Number(s):
N/A
Instrument Type:
Proposal
Bill or Act:
N/A
Summary of Proposal:
The consultation paper outlines nine elements of the proposed direction:
1. Define debt settlement services
2. Prohibit advance payment of fees for debt settlement services
3. Limit fees for debt settlement services
4. Ensure set aside funds are under consumer control
5. Require clear disclosure of all key contract terms and a 10 day cooling off right
6. Require mandatory disclosures of consumers' rights and risks
7. Prohibit misleading advertising
8. Establish standards of conduct
9. Provide consumer remedies and enforcement
1. Define debt settlement services
2. Prohibit advance payment of fees for debt settlement services
3. Limit fees for debt settlement services
4. Ensure set aside funds are under consumer control
5. Require clear disclosure of all key contract terms and a 10 day cooling off right
6. Require mandatory disclosures of consumers' rights and risks
7. Prohibit misleading advertising
8. Establish standards of conduct
9. Provide consumer remedies and enforcement
Further Information:
Improving Consumer Protection – Debt Settlement Services
Proposal Number:
13-MCS001
Posting Date:
January 3, 2013
Comments Due Date:
February 25, 2013
Contact Address:
Debt Settlement Consultation
Consumer Policy and Liaison Branch
Ministry of Consumer Services
5th Floor, 777 Bay Street
Toronto, ON M7A 2J3
Consumer Policy and Liaison Branch
Ministry of Consumer Services
5th Floor, 777 Bay Street
Toronto, ON M7A 2J3