16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
In a letter dated October 22, 2009, regarding the Telemarketing Sales Rule - Debt Relief Amendments R411001, I incorrectly stated that "creditors usually require three months of payments before granting DMP concessions." Historically, that was true. However, in recent years that practice has changed. Most creditors now grant debt management program concessions to consumers immediately upon accepting their payment proposal and enrolling them on the DMP.