Debt Management Services Act
Maine · Wastewater Treatment Plant Operators · §§ 6171 to 6183 · 15 sections
Overview
The act regulates businesses that provide debt management services to consumers, requiring providers to be licensed and to renew that licensure annually, to post a surety bond, and to enter into a written agreement with each consumer they serve. It governs the fees a provider may charge, sets standards for holding and disbursing consumer funds — including when a third-party payment processor is involved — and imposes recordkeeping, reporting, and advertising requirements while barring specified practices. Administration and enforcement rest with a state commissioner, who may examine provider records and suspend or revoke a registration; violations can also affect the rights of the parties under the consumer's agreement.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Me. Rev. Stat. tit. 32, § 6171Short title
- Me. Rev. Stat. tit. 32, § 6172Definitions
- Me. Rev. Stat. tit. 32, § 6173Registration and annual reregistration
- Me. Rev. Stat. tit. 32, § 6174Bond required
- Me. Rev. Stat. tit. 32, § 6174-ALimits on fees and charges
- Me. Rev. Stat. tit. 32, § 6174-BCounselor certification; consumer education program
- Me. Rev. Stat. tit. 32, § 6175Handling of consumer funds
- Me. Rev. Stat. tit. 32, § 6176Requirement for written agreement
- Me. Rev. Stat. tit. 32, § 6177Reports and records
- Me. Rev. Stat. tit. 32, § 6178Powers and functions of administrator
- Me. Rev. Stat. tit. 32, § 6179Prohibited acts
- Me. Rev. Stat. tit. 32, § 6180Advertising
- Me. Rev. Stat. tit. 32, § 6181Effects of violations on rights of parties
- Me. Rev. Stat. tit. 32, § 6182Suspension or revocation of registration
- Me. Rev. Stat. tit. 32, § 6183Debt management services related to residential mortgage loans
Enacted in other states
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