§ 47-18-5534. Suspension, Revocation or Nonrenewal of Registration
In this section, “insolvent” means: Having generally ceased to pay debts in the ordinary course of business other than as a result of good faith dispute; Being unable to pay debts as they become due; or Being insolvent within the meaning of the federal bankruptcy law, 11 U.S.C. § 101 et seq. The administrator may […]
§ 47-18-5522. Trust Account
All money paid to a provider by or on behalf of an individual for distribution to creditors pursuant to a plan is held in trust. Within two (2) business days after receipt, the provider shall deposit the money in a trust account established for the benefit of individuals to whom the provider is furnishing debt-management […]
§ 47-18-5523. Fees and Other Charges
A provider may not impose directly or indirectly a fee or other charge on an individual or receive money from or on behalf of an individual for debt-management services except as permitted by this section. A provider may not impose charges or receive payment for debt-management services until the provider and the individual have signed […]
§ 47-18-5524. Voluntary Contributions
A provider may not solicit a voluntary contribution from an individual or an affiliate of the individual for any service provided to the individual. A provider may accept voluntary contributions from an individual but, until thirty (30) days after completion or termination of a plan, the aggregate amount of money received from or on behalf […]
§ 47-18-5525. Voidable Agreements
If a provider imposes a fee or other charge or receives money or other payments not authorized by § 47-18-5523 or § 47-18-5524, the individual may void the agreement and recover as provided in § 47-18-5535. If a provider is not registered as required by this part when an individual assents to an agreement, the […]
§ 47-18-5526. Termination of Agreements
If an individual who has entered into an agreement fails for sixty (60) days to make payments required by the agreement, a provider may terminate the agreement. If a provider or an individual terminates an agreement, the provider shall immediately return to the individual: Any money of the individual held in trust for the benefit […]
§ 47-18-5527. Periodic Reports and Retention of Records
A provider shall provide the accounting required by subsection (b): Upon cancellation or termination of an agreement; and Before cancellation or termination of any agreement: At least once each month; and Within five (5) business days after a request by an individual, but the provider need not comply with more than one (1) request in […]
§ 47-18-5528. Prohibited Acts and Practices
A provider may not, directly or indirectly: Misappropriate or misapply money held in trust; Settle a debt on behalf of an individual for more than fifty percent (50%) of the outstanding amount of the debt owed a creditor, unless the individual assents to the settlement after the creditor has assented; Take a power of attorney […]
§ 47-18-5529. Notice of Litigation
No later than thirty (30) days after a provider has been served with notice of a civil action for violation of this part by or on behalf of an individual who resides in this state at either the time of an agreement or the time the notice is served, the provider shall notify the administrator […]
§ 47-18-5530. Advertising
If the agreements of a provider contemplate that creditors will reduce finance charges or fees for late payment, default or delinquency and the provider advertises debt-management services, it shall disclose, in an easily comprehensible manner, that using a debt-management plan may make it harder for the individual to obtain credit. If the agreements of a […]