Cal. Code Regs. Tit. 10, § 1001 - Definitions - Debt Settlement Services
With respect to debt settlement services, these terms shall have the following meanings:
(a)
"Charges" mean all amounts contracted for or received by a person in connection
with the person's provision of debt settlement services to a
consumer.
(b) "Debt settlement
services" means any of the following:
(1)
Providing advice, or offering to act or acting as an intermediary, including,
but not limited to, offering debt negotiation, debt reduction, or debt relief
services between a consumer and one or more of the consumer's creditors in
connection with a consumer's non-mortgage debt, if the primary purpose of that
advice or action is to obtain a settlement for less than the full amount of the
debt, or a reduction in the interest rate or payment amount associated with a
consumer's debts; or
(2) Advising,
encouraging, assisting, or counseling a consumer to accumulate funds in an
account for future payment of a reduced amount of debt to one or more of the
consumer's creditors.
Notes
Note: Authority cited: Section 90009, Financial Code. Reference: Sections 90003, 90005 and 90009, Financial Code.
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