SOURCE: Halo Debt Solutions, Inc.

Halo Debt Solutions, Inc.

June 16, 2009 07:00 ET

Halo Debt Solutions, Inc. Supports Push Toward Industry Regulation

ALLEN, TX--(Marketwire - June 16, 2009) - A leader in the debt settlement industry, Halo Debt Solutions, Inc. voices support for the nationwide push for more regulation in an unregulated industry. "Consumers are often most vulnerable during times of economic distress. It is therefore imperative that industry standards of accountability are implemented and enforced for the good of the American consumer," says Jeffrey Rasco, Vice President of Government Relations and Compliance for Halo Group, Inc., the parent company of Halo Debt Solutions, Inc.

Federal Trade Commissioner J. Thomas Rosch is a strong proponent of self-regulation by trade associations, as he stated before the 4th Annual Credit and Collection News Conference, April 2, 2009. "I believe it can play an important role in debt settlement. Self-regulation can provide a critical complement to the FTC's law enforcement actions. The judgment and experience of an industry in crafting rules themselves also can be of great benefit, especially where the business practices are complex and industry members have inside knowledge and experience to craft 'best practices.'"

"As a member of USOBA (The United States Organization for Bankruptcy Alternatives), one of the industry's leading trade associations, Halo applies the highest standards of ethics and integrity to every aspect of our operations," remarks Halo Debt Solutions, Inc. President, Brett Russell. "It stands to reason we would like to see those standards enforced industry-wide and weed out the unscrupulous companies that give our industry a bad name."

The Uniform Debt Management Services Act (UDMSA) represents the first national effort at providing uniform regulation to debt settlement services. Portions of the UDMSA were presented recently in Halo's home state of Texas as Texas Senate Bill 2233. The bill contained comprehensive provisions outlining requirements for registration, accreditation, certification, bonding, disclosures, and service agreements, and proposed to give the OCCC enforcement authority. Similar bills proposed in California, New York, Tennessee, and Nevada give evidence to a nationwide push for regulation.

Halo Debt Solutions, Inc. is an industry leader for debt settlement services with custom-tailored programs designed to help consumers settle and pay off their unsecured debt. Halo Debt Solutions, Inc. is a wholly-owned subsidiary of Halo Group, Inc. For more information about Halo Debt Solutions, Inc., visit www.halodebt.com.

Halo Group, Inc. is a nationwide holding company based in Allen, TX with subsidiaries operating primarily in the consumer financial services industries including debt, mortgage, real estate, credit, loan modification, and insurance. For more information about Halo Group, Inc., visit www.myhalogroup.com.