30-14-2013. Prohibited practices.
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/mt/title-30/chapter-14/part-20/30-14-2013·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
30-14-2013 . Prohibited practices.
(1)A credit counseling service may not:
(a)purchase any debt or obligation of a consumer;
(b)lend money or provide credit to a consumer;
(c)obtain a mortgage or other security interest in any property of a consumer;
(d)operate as a collection agency;
(e)structure a debt management plan in a way that at the debt management plan's conclusion any debts of the consumer that are subject to the debt management plan are not fully amortized;
(f)charge for or provide credit insurance;
(g)cause or attempt to cause a consumer to waive or forego any right or benefit that the consumer has under the provisions of this part; or
(h)operate in this state without a license.
(a)A credit counseling service may not advertise its services in any manner in this state without first being licensed by the department.
(b)A credit counseling service or any person on a credit counseling service's behalf may not misrepresent any material fact or make a false promise intended to induce a consumer into entering a debt management plan.