Approved Credit Counseling

Authorised credit advice

The EOUST publishes definitive insolvency advice and creditor support regulations The Executive Office for United States Trustees ("EOUST") published its long-awaited definitive policy for pre-bankruptcy advice and post-registration borrower training on Wednesday, March 13, 2013. It updates the processes and criterias used by the United States Trustees ("USTs") in deciding whether to accept claimants who are considered to be USTs: 1. non-profit budgetary and credit advisory services ("credit advisory services" or "agencies") (the "pre-bankruptcy finality rule"); and 2. training courses in individual finance administration ("providers") (the "post-submission finality rule") (collectively the "finality rule") that meet the applicable insolvency law provisions.

Final regulations will enter into force on 15 April 2013. The final clauses in many ways incorporate the clauses of the suggested regulations, which were published for comments in 2008, and each contains several almost identically clauses. EOUST also indicated that it intended to introduce new clauses not previously contained in the proposal.

As they have not been dealt with in the proposal for a rule, EOUST will issue a further notice on the proposal for a rule and invite comments on the proposal. Most of the final regulations consolidate guidelines and guidelines that EOUST has been using for several years in its licensing and monitoring procedures. In addition, the final rule changes the suggested rule by creating it:

1 ) less onerous for credit bureaus or suppliers; and 2 ) by means of technological or clarifying changes. Every final rule is appended with a synopsis of the changes, along with parenthetic notes on the rule text and comments. Authorised bodies and creditor trainers as well as their suppliers of services and claimants should carefully examine these changes and thoroughly examine whether their current operations, even those which may have been previously in conformity, continue to comply with insolvency law in the light of these new final rules.

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