Posted by jojo_MN on 3/8/13 9:35am
Msg #460020

WI notaries (and others) State answer to Debt Settlements

Ms. Lien - Lara Sutherlin has forwarded to me the email you received from Professional Settlements ("PS"). It is my understanding that PS wants you to perform certain functions for them, including collecting signatures from Wisconsin residents who would be, by their signature, establishing a relationship with a debt settlement company ("DSC"). It is unclear who the DSCs are, or how many DSCs work with PS.

You are correct that a DSC cannot do business with a Wisconsin resident unless that DSC is properly licensed with the division as an adjustment service company. Doing so violates s. 218.02, Stats.

When the division becomes aware of a company doing DSC business in Wisconsin without the proper license, it will contact the company to advise them that they must cease doing business immediately and must refund all fees collected from Wisconsin residents to those residents. Eventually, orders with forfeitures may be issued and sent to the Department of Justice for enforcement.

Jean Plale, Director
Licensed Financial Services Bureau

Reply by jojo_MN on 3/8/13 10:21am
Msg #460041

This is a link to check if a company is licensed

http://www.wdfi.org/fi/lfs/licensee_lists/

Then, enter "Debt Settlement service" in the search area.

Reply by 101livescan on 3/8/13 1:41pm
Msg #460101

Re: This is a link to check if a company is licensed

Very cool resource....I still don't like doing this work, however. Maybe a day will come and I'll have to learn to like it. This will come in handy.

Reply by WINotaryGal on 3/8/13 2:12pm
Msg #460104

Re: This is a link to check if a company is licensed

Thanks for the information. This is important to understand.