Required Terms. (a) Each debt management services agreement must contain the following terms, which must be disclosed prominently and clearly in bold print on the front page of the agreement, segregated by bold lines from all other information on the page: (1) the origination fee amount to be paid by the debtor and whether all or a portion of the origination fee is refundable or nonrefundable; (2) the monthly fee amount or percentage to be paid by the debtor; and (3) the total amount of fees reasonably anticipated to be paid by the debtor over the term of the agreement. (b) Each debt management services agreement must also contain the following: (1) a disclosure that if the amount of debt owed is increased by interest, late fees, over the limit fees, and other amounts imposed by the creditors, the length of the debt management services agreement will be extended and remain in force and that the total dollar charges agreed upon may increase at the rate agreed upon in the original contract agreement; (2) a prominent statement describing the terms upon which the debtor may cancel the contract as set forth in section 332A.11; (3) a detailed description of all services to be performed by the debt management services provider for the debtor; (4) the debt management services provider's refund policy; and (5) the debt management services provider's principal business address and the name and address of its agent in this state authorized to receive service of process.
Appears in 7 contracts
Samples: Debt Management Services Agreement, Debt Management Services Agreement, Debt Management Services
