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Debt management

Debt management service provider registration

Companies that help people with their debt must register with the division. Debt management services include debt settlement or consolidation, credit repair, home loan modifications or short-sale negotiations, and budget counseling.

How to apply

Submit an application through the Nationwide Multistate Licensing System (NMLS). The NMLS website has instructions on how to submit an application for Oregon, or any other state. You can find the checklist for an Oregon debt management service provider registration. NMLS has a resources and support section that may be helpful, particularly for first-time users.

An application for a debt management service provider registration must also include the following:

  • Upload a copy of the agreement and disclosures
  • Provide through NMLS an electronic surety bond in the amount of $25,000.
  • Upload a completed criminal background and credit check authorization in Word or PDF
  • Upload a sample budget worksheet
  • Upload proof of current business registration with the Oregon Secretary of State

When you are ready to submit your application, NMLS will collect the registration fee (total of $350). For more detailed information, review the checklist in NMLS.

Fees charged to clients

Oregon law sets the maximum fees you can charge:

  • $50 initial consultation fee to determine if the services would be beneficial to the consumer
  • $50 maximum counseling or education fee when the consumer enters into an agreement with the provider
  • Monthly fee based on 15 percent of the amount paid to the debt management service provider (maximum of $65)
  • A fee of 7.5% of the difference between the principal amount of the debt and the negotiated reduced amount on settled debt.
  • Companies that offer credit repair services may charge the $50 initial consultation fee, the $50 counseling/education fee, and a monthly fee of not more than $50 during the term of the agreement between the consumer and provider. NOTE: Only the initial consultation fee and counseling/education fee may be charged in the first month. The monthly fee may be charged only in subsequent months.

Written agreements

Once you determined you can help a client, provide them with a budget and a written agreement. The agreement should include a copy of the budget, the services provided, a list of all of the client’s debts, and all fees charged to the client.

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