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Meracord[TM] Succeeds with Washington State Legislature's Passage of Engrossed Senate Bill 6155.

TACOMA, Wash. -- Engrossed Senate Bill (ESB) 6155 was signed into law by Governor Christine Gregoire on March 19, 2012, giving Meracord the opportunity to resume offering its services to Washington consumers seeking relief from burdensome consumer debt through a debt adjusting program.

Meracord, one of the nation's leading contract payment service providers, worked closely with Senator Derek Kilmer, the prime sponsor of ESB 6155. The bill exempts third-party account administrators, such as Meracord, from the Washington Debt Adjusting Act. ESB 6155 also requires a third-party account administrator to be licensed as a money transmitter by the Washington Department of Financial Institutions, and to comply with the requirements of the FTC's Telemarketing Sales Rule. Most importantly, the bill clearly recognizes and acknowledges that a third-party account administrator is not a Debt Adjuster, and performs a unique and separate service to consumers seeking to renegotiate, settle, reduce or otherwise alter their consumer debt obligations.

"ESB 6155 is a huge win for the State of Washington, and in particular Pierce County. We fought hard for this bill because it affects business growth, results in more jobs for Washingtonians, and upholds protections for consumers needing debt reduction in this state. We couldn't be happier and are so thankful for the many wonderful people who helped us succeed in passing this bill, including Sen. Derek Kilmer, Rep. Troy Kelley, County Executive Pat McCarthy, Mayor Marilyn Strickland and many other Pierce County legislators, as well as the Tacoma-Pierce County Chamber of Commerce," said Linda Remsberg, President, Owner and CEO of Meracord.

Meracord services contract payments for a variety of businesses in all 50 states, and currently holds the unique distinction of being one of only 10 companies in the nation to hold a money transmitter license in 40 or more states. Meracord offers consumers a safe way to make payments for services and products in accordance with underlying service provider agreements. These underlying services may include debt reduction, legal services, health care and personal loans. Remsberg added, "This bill validates Meracord's status as a money transmitter, was unanimously supported by the Washington State legislature and, most importantly, gives protection to consumers."

The House of Representatives passed ESB 6155 on March 1, 2012 with a unanimous vote of 97 yeas, followed by a unanimous Senate vote of 45 yeas on March 3, 2012. The bill was signed by Governor Christine Gregoire at the Capitol Building at 1:30 pm on Monday, March 19th. In attendance at the bill signing were the bill's prime sponsors Sen. Derek Kilmer and Rep. Troy Kelley as well as Pierce County Executive Pat McCarthy, Rep. Bruce Dammeier, and Tacoma-Pierce County Chamber of Commerce President and CEO, Tom Pierson.

For more information on Meracord's services, please visit www.meracord.com.

About Meracord

In business for over 30 years, Meracord is a leading third-party payment service provider of contract payments. A privately owned company specializing in trust account management, Meracord is committed to providing safe, accurate and secure payment services allowing customers to achieve financial goals. Meracord's substantial licensing and bonding, frequent and rigorous audits, proprietary technology and in-house customer service sets the company above its competitors.
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Publication:Business Wire
Geographic Code:1U9WA
Date:Mar 22, 2012
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