Revisor Home

Title XXVII DEBTOR-CREDITOR RELATIONS

Chapter 425

previous next Effective - 28 Aug 2011bottom

  425.027.  Surety bond for debt adjusters required, amount. — Each initial license application shall be accompanied by a surety bond in the principal sum in accordance with the following categories:

  (1)  Fifty thousand dollars if the applicant declares that the operation will handle no consumer monies; or

  (2)  One hundred thousand dollars otherwise.

­­

­

The bond shall be for the benefit of any debtor who is damaged by the debt adjuster's breach of the debt management plan or debt settlement plan or the debt adjuster's failure to properly administer debtor funds collected or disbursed under the debt management plan or debt settlement plan.  The director of the division of finance may investigate any debtor complaint and make claim on a bond for the benefit of a debtor or release the bond to a debtor to make a claim.

­­--------

(L. 2007 H.B. 329, A.L. 2011 H.B. 661)


---- end of effective   28 Aug 2011 ----

use this link to bookmark section  425.027


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@07:20:00.2 31