§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.
[PL 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 [PL 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. [PL 2007, c. 36, §8 (NEW).]
[PL 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.
[PL 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.
[PL 2007, c. 36, §8 (NEW).]
SECTION HISTORY
PL 2007, c. 36, §8 (NEW).
Structure Maine Revised Statutes
TITLE 32: PROFESSIONS AND OCCUPATIONS
Chapter 80-A: DEBT MANAGEMENT SERVICES
32 §6173. Registration and annual reregistration
32 §6174-A. Limits on fees and charges
32 §6174-B. Counselor certification; consumer education program
32 §6175. Handling of consumer funds
32 §6176. Requirement for written agreement
32 §6178. Powers and functions of administrator
32 §6181. Effects of violations on rights of parties
32 §6182. Suspension or revocation of registration
32 §6183. Debt management services related to residential mortgage loans