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SUBCOMMITTEE
1. Line 300, introduced
strike
all of lines 300 through 304
insert
A. For providing debt settlement services, a licensee may
charge or receive a fee totaling either (i) no more than 15
percent of the principal amount of the debt enrolled by a consumer into
the licensee's service or (ii) no more than 30 percent
of the difference between the amount owed by a consumer at the time the
licensee settles the debt and the amount to be paid by the consumer to satisfy
the debt.
B.
If more than one debt is the subject of a debt settlement services agreement,
the licensee may only charge or collect that proportion of the total fee
allowable under clause (i) of subsection A that equals the proportion of the aggregate
debt the individual settled debt represents.
C.
A licensee shall not charge or receive any other fee or compensation from a
consumer for providing debt settlement services other than the fee provided for
in this section.