Oct. 10--Consumers who need credit counseling and debt management services will be able to choose a for-profit company in addition to nonprofits, and providers must be licensed, under state legislation passed this week. The House passed the Debt Management Services Act on Wednesday, shortly after the Senate approved it, giving the state Department of Banking oversight over credit counseling agencies that operate in the state. It sets standards for proper conduct for counseling, including person-to-person counseling, said Johnna Pro, a spokeswoman for Rep. Dwight Evans, D-Philadelphia, the prime sponsor of the bill. Each agency must post a bond to cover fraud or theft, and there are limits placed on fees debtors pay for services. Steven Piotrowski, chief executive of the nonprofit Advantage Credit Counseling, which has offices...
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