32 §6179. Prohibited acts
§6179. Prohibited acts A debt management service provider may not: [PL 1999, c. 560, §3 (NEW).] 1. Purchase debt. Purchase any debt or obligation of a consumer; [PL 1999, c. 560, §3 (NEW).] 2. Lend money. Lend money or provide credit to any consumer; [PL 1999, c. 560, §3 (NEW).] 3. Mortgage […]
32 §6180. Advertising
§6180. Advertising 1. False advertising. A debt management service provider may not engage in this State in false or misleading advertising concerning the terms and conditions of any services or assistance offered. [PL 1999, c. 560, §3 (NEW).] 2. Dissemination; no liability. This section does not impose liability on the owner or personnel of […]
32 §6181. Effects of violations on rights of parties
§6181. Effects of violations on rights of parties 1. Violations; unfair, unconscionable or deceptive practices. A debt management service provider that violates any provision of this chapter or any rule adopted by the administrator or that through any unfair, unconscionable or deceptive practice causes actual damage to a consumer is subject to enforcement action pursuant […]
32 §6182. Suspension or revocation of registration
§6182. Suspension or revocation of registration 1. Suspension or revocation. After notice and hearing, the administrator may suspend or revoke a debt management service provider’s registration if the administrator finds that one of the conditions of subsection 2 is met. [PL 1999, c. 560, §3 (NEW).] 2. Conditions for suspension or revocation. The following […]
32 §6183. Debt management services related to residential mortgage loans
§6183. Debt management services related to residential mortgage loans A person that engages in debt management services as described in section 6172, subsection 2, paragraph D related to a consumer’s residential mortgage loan shall comply with the requirements of this chapter governing debt management service providers, subject to the following conditions and provisions. [PL […]
32 §6173. Registration and annual reregistration
§6173. Registration and annual reregistration 1. Nonprofit organizations. [PL 2007, c. 36, §6 (RP).] 2. Registration and reregistration. An organization desiring to act, or continue to act, as a debt management service provider shall apply to the administrator for registration or reregistration in accordance with this chapter. The application must be in a form prescribed […]
32 §6174. Bond required
§6174. Bond required Each application must be accompanied by evidence of a surety bond in a form approved by the administrator in the aggregate amount of $50,000 to run to the administrator for use by the administrator and any person or persons who may have a cause of action against a debt management service provider. […]
32 §6174-A. Limits on fees and charges
§6174-A. Limits on fees and charges 1. Initial fee. A debt management service provider may charge to a consumer a reasonable one-time initial or set-up fee in an amount not to exceed $75. [PL 2007, c. 36, §8 (NEW).] 2. Service fees. In addition to the fee set forth in subsection 1, a debt […]
32 §6174-B. Counselor certification; consumer education program
§6174-B. Counselor certification; consumer education program 1. Certified counselor. A debt management service provider shall provide evidence to the administrator within 12 months after initial employment of a counselor that the counselor is a certified counselor. [PL 2007, c. 36, §9 (NEW).] 2. Consumer education. A debt management service provider shall offer a consumer […]
32 §6175. Handling of consumer funds
§6175. Handling of consumer funds 1. Funds deposited in trust account. The debt management service provider shall deposit, within 2 business days of receipt, all funds received from or on behalf of a consumer for payment to a creditor or creditors in a federally insured trust account for the benefit of the consumer in a […]