North Carolina S491 regulates debt settlement services, requiring licenses, setting fees, and prohibiting certain practices.

The North Carolina Debt Settlement Services Act establishes licensing requirements for entities offering debt settlement services. It mandates a surety bond of $1 million and an annual fee of $1,000. Licensees must inform debtors about potential credit impacts and cannot charge fees until settlements are made. The act prohibits enrolling debtors with debts less than 60 days delinquent and requires detailed disclosure agreements.

North Carolina S491 regulates debt settlement services, requiring licenses, setting fees, and prohibiting certain practices.

The North Carolina Debt Settlement Services Act establishes licensing requirements for entities offering debt settlement services. It mandates a surety bond of $1 million and an annual fee of $1,000. Licensees must inform debtors about potential credit impacts and cannot charge fees until settlements are made. The act prohibits enrolling debtors with debts less than 60 days delinquent and requires detailed disclosure agreements.