On November 3, details emerged of a resolution between Colorado Attorney General (AG) Phil Weiser and Touchstone Partners, Inc. (Touchstone), a recognized debt management company. In the central issue of this legal dispute, the AG’s office charged Touchstone with contravening the Colorado Debt Management Services Act (C.R.S. § 5-19-201 et seq.).
According to the formal allegations, Touchstone is said to have infringed upon the rights of their customers by not providing them with signed agreements. The Colorado Debt Management Services Act is designed to protect consumers in debt or with credit issues, by insisting that debt management companies must adhere to specific mandatory requirements. One such requirement, which Touchstone allegedly failed to meet, is providing the customer with a signed, written agreement that outlines the proposed debt management services.
Details of the specific settlement terms between AG Weiser and Touchstone have not been made public. Yet, this case serves as a timely reminder for other debt management companies of the necessity to fully comply with the requisite laws and regulations, underlining the significance of providing all customers with signed service agreements.
For a more in-depth exploration of the case between AG Weiser and Touchstone, visit JD Supra’s news report on the subject. This report provides a distinctive and detailed encapsulation of the legal complexities of this particular case, offering valuable insights for legal professionals working in corporate environments, particularly those concerned with financial and consumer protection laws.