Regulation of the Debt Settlement Industry — An Update

In an earlier post I noted that on January 5th I sent a letter to Minister Anton seeking clarification as to whether or not legislation was going to be introduced to regulate the debt settlement industry. Similar legislation exists in other provinces (e.g. Ontario and Nova Scotia as well as in a number of US States).

On February 11 I received a very positive response from the Attorney General. To quote from the letter:

“Although I am unable to provide specific details regarding the development or timing of legislation at this time, I can assure you that government is committed to enhancing consumer protections against deceptive practices. To this end, ministry staff continue to work through policy issues that are necessary to regulate debt settlement agencies“

I look forward to the timely introduction of legislation to regulate the debt settlement industry.