§ 5-19-222. Trust Account
All money paid to a provider by or on behalf of an individual pursuant to a plan for distribution to creditors is held in trust. Within two 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 services. […]
§ 5-19-223. 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 […]
§ 5-19-224. 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 days after completion or termination of a plan, the aggregate amount of money received from or on behalf of […]
§ 5-19-225. Voidable Agreements
If a provider imposes a fee or other charge or receives money or other payments not authorized by section 5-19-223 or 5-19-224, the individual may void the agreement and recover as provided in section 5-19-235. If a provider is not registered as required by this part 2 when an individual assents to an agreement, the […]
§ 5-19-226. Termination of Agreements
If an individual who has entered into an agreement fails for sixty 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 of […]
§ 5-19-227. Periodic Reports – Retention of Records
A provider shall provide the accounting required by subsection (b) of this section: Upon cancellation or termination of an agreement; and Before cancellation or termination of any agreement: At least once each month; and Within five business days after a request by an individual, but the provider need not comply with more than one request […]
§ 5-19-228. 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 without the individual’s agreement to the settlement terms pursuant to a settlement agreement or other valid contractual agreement executed by the individual; Exercise or attempt to exercise a power of attorney after an […]
§ 5-19-229. Notice of Litigation
No later than thirty days after a provider has been served with notice of a civil action for violation of this part 2 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 […]
§ 5-19-230. Advertising
A provider that advertises debt-management services shall disclose, in an easily comprehensible manner, the information specified in section 5-19-217 (d)(3) and (d)(4). Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1164, § 4, effective August 9. Editor’s note: This section is similar to former § 12-14.5-230 as it existed prior […]
§ 5-19-231. Liability for the Conduct of Other Persons
If a provider delegates any of its duties or obligations under an agreement or this part 2 to another person, including an independent contractor, the provider is liable for conduct of the person that, if done by the provider, would violate the agreement or this part 2. Source: L. 2017: Entire article added with relocations, […]