1-55-7. Final notification to debtor by referring entity.

176 words·~1 min read·/sd/title-1/chapter-1-55/1-55-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Prior to transferring any debt to the center for collection, the referring entity shall provide a final notification to the debtor that the debt will be referred to the center for collection.

The final notification to the debtor may be sent by regular mail or by electronic means. The final notification shall contain all of the following:

(1)The name of the referring entity;

(2)Contact information for the referring entity;

(3)The name of the debtor;

(4)The nature of the debt;

(5)The principal amount of the debt;

(6)The total amount of the debt;

(7)A statement that the debt will not be turned over for collection to the center until a time at least fourteen days after the date the final notification is sent to the debtor; and

(8)A statement that if the debt is turned over to the center, a cost recovery fee of twenty percent of the principal, in the amount of $ ______, will be added to the total debt owed by the debtor to the referring entity.