Common use of Required Terms Clause in Contracts

Required Terms. (a) Each debt settlement services agreement must contain on the front page of the agreement, segregated by bold lines from all other information on the page and disclosed prominently and clearly in bold print, the total amount and an itemization of fees, including any origination fees, monthly fees, and settlement fees reasonably anticipated to be paid by the debtor over the term of the agreement. (b) Each debt settlement services agreement must also contain the following: (1) a prominent statement describing the terms upon which the debtor may cancel the contract as set forth in section 332B.07; (2) a detailed description of all services to be performed by the debt settlement services provider for the debtor; (3) the debt settlement services provider's refund policy; (4) the debt settlement services provider's principal business address, which must not be a post office box, and the name and address of its agent in this state authorized to receive service of process; and (5) the name of each creditor the debtor has listed and the aggregate debt owed to each creditor that will be the subject of settlement.