Effective – 28 Aug 2011, 2 histories 425.010. Definitions. — As used in sections 425.010 to 425.043, the following terms mean: (1) “Debt adjuster”, a person who provides or offers to provide debt relief services for a consideration; (2) “Debt management plan” or “DMP”, a written agreement or contract between a debt adjuster and a […]
Effective – 28 Aug 2011, 2 histories 425.020. Debt adjusting — penalty. — Any person who acts or offers to act as a debt adjuster in this state other than under a debt management plan or debt settlement plan is guilty of a misdemeanor and upon conviction shall be punished as provided by law. ——– […]
Effective – 28 Aug 2011, 2 histories 425.025. Debt management plan or debt settlement plan may be administered free of charge. — Nothing in sections 425.010 to 425.043 shall be construed to prevent any individual or organization from administering a debt management plan or debt settlement plan free of charge. ——– (L. 2007 H.B. 329, […]
Effective – 28 Aug 2011, 2 histories 425.027. Surety bond for debt adjusters required, amount. — Each initial license application shall be accompanied by a surety bond in the principal sum in accordance with the following categories: (1) Fifty thousand dollars if the applicant declares that the operation will handle no consumer monies; or (2) […]
Effective – 28 Aug 1963 425.030. Circuit court may enjoin, appoint receiver. — The circuit court shall have power, in an action brought in the name of the state by the attorney general, to enjoin any person from acting or offering to act as a debt adjuster; and, in the action, may appoint a receiver […]
Effective – 28 Aug 2011 425.040. Who not to be considered debt adjusters. — The following persons shall not be considered debt adjusters for the purposes of sections 425.010 to 425.043: (1) Any attorney at law of this state; (2) Any person who is a regular, full-time employee of a debtor, and who acts as […]
Effective – 28 Aug 2011 425.043. Required disclosures — misrepresentations and payment prohibited — funds held, requirements. — 1. Before a debtor consents to pay for goods or services offered, debt adjusters shall disclose truthfully, in a clear and conspicuous manner, the following material information: (1) The amount of time necessary to achieve the represented […]
