Modernizes North Carolina's debt settlement prohibition by clarifying definitions and expanding civil remedies.
The bill modernizes North Carolina's prohibition on debt settlement by clarifying definitions and expanding civil remedies. It prohibits debt adjusting and debt settlement, except for certain authorized acts. It also classifies debt settlement as an unfair trade practice and expands civil remedies available to debtors. The bill clarifies that certain individuals and transactions are not considered debt adjusters or engaged in debt adjusting. It also specifies that certain contracts for debt adjusting or debt settlement are void as against public policy.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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