A. For providing debt settlement services, a licensee may charge or receive a fee totaling either (i) no more than 20 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.
2020, c. 785.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 20.1 - Debt Settlement Services Providers
§ 6.2-2027. License requirement; exceptions
§ 6.2-2028. Application for license; form; content; fee
§ 6.2-2030. Investigation of applications
§ 6.2-2032. Licenses; places of business; changes
§ 6.2-2033. Acquisition of control; application
§ 6.2-2034. Retention of books, accounts, and records; responding to Bureau
§ 6.2-2036. Other reporting requirements
§ 6.2-2037. Investigations; examinations
§ 6.2-2040. Licensees providing debt settlement services; prohibited and required business methods
§ 6.2-2043. Suspension or revocation of license
§ 6.2-2044. Cease and desist orders
§ 6.2-2045. Notice of proposed suspension or revocation
§ 6.2-2048. Private right of action
§ 6.2-2049. Authority of Attorney General; referral by Commission to Attorney General
§ 6.2-2050. Violation of the Virginia Consumer Protection Act