32 §6174-A. Limits on fees and charges
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 80-A: DEBT MANAGEMENT SERVICES HEADING: PL 1999, C. 560, §3 (NEW); 2007, C. 36, §12 (AMD)
§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.
[ 2007, c. 36, §8 (NEW) .]
2. Service fees. In addition to the fee set forth in subsection 1, a debt management service provider may assess either of the following fees:
A. For a debt management service provider that distributes monthly payments to a consumer's creditor or creditors, a reasonable monthly fee not to exceed $40; or [2007, c. 36, §8 (NEW).]
B. For a debt management service provider that acts or offers to act as an intermediary between a consumer and one or more creditors of the consumer for the purpose of adjusting, settling, discharging, reaching a compromise on or otherwise altering the terms of payment of the consumer's obligation, a reasonable fee not to exceed 15% of the amount by which the consumer's debt is reduced as part of each settlement. [2007, c. 36, §8 (NEW).]
[ 2007, c. 36, §8 (NEW) .]
3. Limitation on excess fees. A debt management service provider may not charge more than one fee authorized under subsections 1 and 2 on the basis that the consumer has entered into a debt management services agreement for joint obligations of a consumer and a consumer's spouse or other member of the consumer's household.
[ 2007, c. 36, §8 (NEW) .]
4. Application. This section does not apply to a debt management service provider located in this State that does not provide debt management services to a consumer who is a resident of this State.
[ 2007, c. 36, §8 (NEW) .]
SECTION HISTORY
2007, c. 36, §8 (NEW).