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New Law: More notification required

Published (4/25/2008)
By Thomas Hammell
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A largely technical new law updates work completed in 2007 on debt management plans and the regulation of debt management providers.

If a creditor is added or deleted from a debt service agreement at the request of the debtor or if the debtor voluntarily increases payment, the debtor must be provided an updated payment schedule within seven days.

If the payment amount to the creditor increases by $10 or less and the total payment amount to all creditors increases by $20 or less as a result the debtor providing incomplete or incorrect information regarding the amount of debt owed, the debt management service must notify the consumer of the increase within seven days.

The bill would also add the Bureau Veritas Certification North America, Inc. and BSI Management Systems America, Inc. to the list of acceptable accrediting agencies for debt management providers.

Signed into law April 21 by Gov. Tim Pawlenty, it is effective April 22, 2008.

Rep. Jim Davnie (DFL-Mpls) and Sen. Linda Scheid (DFL-Brooklyn Park) are the sponsors.


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