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North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-11-18. Individualized financial analysis

Current as of January 01, 2024 | Updated by FindLaw Staff

1. Before entering a written contract with a consumer, a debt-settlement provider shall prepare and provide to the consumer in writing and retain a copy of:

a. An individualized financial analysis, including the individual's income, expenses, and debts; and

b. A statement containing a good-faith estimate of the length of time it will take to complete the debt-settlement program, the total amount of debt owed to each creditor included in the debt-settlement program, the total savings estimated to be necessary to complete the debt-settlement program, and the monthly targeted savings amount estimated to be necessary to complete the debt-settlement program.

2. A debt-settlement provider may not enter a written contract with a consumer unless the debt-settlement provider makes written determinations, supported by the financial analysis, that:

a. The consumer can reasonably meet the requirements of the proposed debt-settlement program, including the fees and the periodic savings amounts set forth in the savings goals; and

b. The debt-settlement program is suitable for the consumer at the time the contract is to be signed.

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Cite this article: FindLaw.com - North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-11-18. Individualized financial analysis - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-13-debtor-and-creditor-relationship/nd-cent-code-sect-13-11-18/

Read this complete North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-11-18. Individualized financial analysis on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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