COLUMBUS—State Senator Bob Hackett (R-London) today held a press conference introducing the Financial Accountability and Independence Recovery (FAIR) Act, enhancing consumer protections.
The new legislation aims to provide struggling Ohioans an opportunity to settle their debts and regain their financial independence.
"Struggling Ohioans deserve a fair shot at restoring their financial accountability and recovering their financial independence, and the FAIR Act would help them do that," said Hackett. "Former Attorney General Betty Montgomery has been a tremendous partner on this bill, and I look forward to working with my Senate colleagues to protect consumers across the State of Ohio."
Under current law, debt settlement services are banned in Ohio.
"Truthfully, there are many people in Ohio who make money on bankruptcy filings," added Hackett. "Ohio should not seek to drive its citizens into bankruptcy simply because it benefits a particular business model."
The FAIR Act would allow debt settlement advisors to offer their services in Ohio, providing a free-market choice over the only two options they have right now—unending harassment of debt collection or the long-term damage of bankruptcy.
To watch today's full press conference, click here.
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