I. If the debtor gives the licensee 30 days’ written notice of cancellation and such licensee performed all of its contractually required services, such licensee shall be entitled to a cancellation fee of the lesser of:
(a) 5 percent of the remaining service charges that would have been collected over the term of the debt adjustment contract; or
(b) $50.
II. If the debtor willfully defaults by failing to pay the contractually obligated payments for a period of 30 days and such licensee performed all of its contractually required services, such licensee shall be entitled to a cancellation fee of the lesser of:
(a) 5 percent of the remaining service charges that would have been collected over the term of the debt adjustment contract; or
(b) $50.
III. The licensee shall notify the debtor’s creditors or their attorneys in writing within 10 calendar days of cancellation.
Source. 2016, 151:1, eff. Jan. 1, 2017.