Are there any laws governing debt settlement?

Yes, in North Carolina, there are laws governing debt settlement. These laws are intended to protect consumers from debt settlement companies that are not properly licensed. In North Carolina, debt settlement companies are required to be licensed with the North Carolina Department of the Secretary of State. This means that any debt settlement company operating in North Carolina must first obtain a license from the Department of the Secretary of State and renew the license annually. Additionally, North Carolina has also adopted the Uniform Debt Management Services Act (UDMSA), which requires debt settlement companies to comply with a variety of consumer protection regulations. This includes protection from unfair trade practices, unfair debt collection practices, and other deceptive practices. Furthermore, debt settlement companies must follow certain disclosure and disclosure disclosure requirements. For example, debt settlement companies must provide their customers with detailed information regarding the services offered, the fees charged, and the associated risks. They must also provide an itemized list of all fees and charges, and they must explain what will happen if the customer fails to make timely payments. By following the laws governing debt settlement, North Carolina consumers are better protected from predatory debt settlement companies. Consumers should always ensure that any debt settlement company that they work with is properly licensed and follows these regulations.

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Are there any laws governing debt settlement?

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