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SECRETARY'S LETTERS - DEBT SERVICES

Secretary’s Letters are not intended as and do not constitute legal advice.  Please keep in mind that these letters contain generalizations regarding the applicable law discussed herein and are therefore not inclusive of all of the law’s provisions, conditions, exceptions, and details.  It is critically important for you to read the applicable law and seek guidance from your legal counsel regarding the effects of the law on your business operations. NOTE: most links on this page are to PDF documents.

 
09/08/2015
Cybersecurity Efforts and Resources
A letter from the Secretary of Banking and Securities to all state-chartered and licensed entities announcing the formation of a Cybersecurity Task Force, describing Commonwealth cybersecurity efforts, and encouraging the development of cybersecurity attack prevention and mitigation plans using available and recommended resources. 

03/20/2015
Debt Management Services Act
Acting Secretary of Banking and Securities Robin L. Wiessmann issues Secretary’s Letter regarding the Pennsylvania Department of Banking and Securities regulation addressing continuing education requirements for licensees pursuant to the Debt Management Services Act.
 
10/01/2014
Debt Settlement Services Act
The DSSA provides that entities that currently engage in the debt settlement services business with Pennsylvania residents for a fee or other consideration must have a completed license application submitted to the Department by December 1, 2014, in order to be able to continue to engage in the debt settlement services business with Pennsylvania residents for a fee or other consideration.
 
01/08/2009
Debt Management Services Act
A licensing scheme for the debt management services industry in Pennsylvania was created by the Debt Management Services Act, effective February 6, 2009. This act also prohibits the conduct of the debt settlement services business for a fee until regulations are promulgated authorizing such business.