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LendUp Shuttering Operations After Reaching Settlement With CFPB

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. Posted on the December 21, 2021 The digital payday lender LendUp is shutting down operations after settling a lawsuit with the Consumer Financial Protection Bureau. It’s a major downfall for the Silicon …

TransUnion Forecasts Originations to Non-Prime Borrowers Will Continue to Rise for Many Credit …

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. TransUnion (GLOBE NEWSWIRE) – Dec 15, 2021 CHICAGO, Dec. 15, 2021 (GLOBE NEWSWIRE) — Continued expansion of lending, including to non-prime consumers, is expected to occur in 2022 with origination levels reaching …

On-Time Rental Payments Helping to Pave the Road to Homeownership

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. Maria Carmelita Recto and Edison Reyes, Communications and Outreach – New York Fed Dec 7 In the United States, buying and owning a home is seen as a critical wealth-building tool, particularly for lower-income …

The return of layaway? A new tech-driven riff is bringing the idea back, in a big way

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. By Art Raymond@DNTechHive  Nov 27, 2021, 9:00pm MST There was a time when shopping at almost any U.S. retailer included the option to choose an item you were after and have it stashed away in …

With Delinquencies Rising, Experts Advise Flexible Repayment Plans for BNPL Users

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. Peter Lucas November 30, 2021 Competitive Strategies, E-Commerce, Issuing/Originating, Mobile Commerce, Point-of-sale, Transaction Processing With defaults on buy now, pay later loans on the rise, BNPL providers need to be cognizant that creating a flexible repayment plan can not only …

The Catch With Buy Now, Pay Later Could Be Your Credit

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. By Jackie Veling Nov 22, 2021 Buy now, pay later, or BNPL, is a payment plan that lets you break up your total purchase at checkout into a series of smaller installments. Though …

Ask an Expert: How Do I Pay the Right Debt Collector?

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. By Bruce McClary | Friday April 16th, 2021 The NFCC often receives readers questions asking us what they should do in their money situation. We pick some to share that others could be …

How to Find Credit Counseling You Can Trust

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. The pandemic has forced many people to seek help for getting out of debt by Kimberly Lankford, AARP, March 30, 2021 If you’re lost in a mire of debt, a credit counselor can help. …

Ask an Expert: Should I Pay Off My Collections to Get Mortgage Ready?

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. By Bruce McClary | Thursday April 22nd, 2021 The NFCC often receives readers questions asking us what they should do in their money situation. We pick some to share that others could be …

How Consumers Are Using Latest Relief Checks

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information.Nancy Marshall-Genzer     Apr 17, 2021  The Federal Reserve Bank of New York released a study Wednesday on how people are spending — or not spending — their relief checks. The report found that the consumers …

Michigan license number:   DM-0016282 Available to the public and licensed in Michigan.

Section 13(1)  When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00

Section 13(2)  A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar amount, of the debtor’s creditors within 90 days after establishing the debt management plan. If the required consent is not actually received by the licensee, the licensee shall provide notice to the debtor of the lack of required consent and the debtor may, at its option, close the account. If the debtor decides to close the account, any unexpended funds shall be returned to the debtor or disbursed as directed by the debtor.

Sec. 14. (1) A contract between a licensee and debtor shall include all of the following:

(a) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine the amount owed to a creditor.

(b) The total amount of the licensee’s charges.

(c) The beginning and termination dates of the contract.

(d) The principal amount and approximate interest charges of the debtor’s obligations to be paid under the debt management plan.

(e) The name and address of the licensee and of the debtor.

(f) Any other provisions or disclosures that the director determines are necessary for the protection of the debtor and the proper conduct of business by a licensee.

Sec. 18. (1) In addition to the fee described in section 13(1), a licensee may charge a reasonable fee for providing debt management services under a debt management plan. The fee under this subsection shall not exceed 15% of the amount of the debt to be liquidated during the express term of the plan.

(2) A licensee may offer a debtor the option to purchase credit reports or educational materials and products, and charge a fee to the debtor if the debtor elects to purchase any of those items from the licensee.  Fees charged under this subsection are not subject to the 15% limitation on fees described in subsection (1).

(3) Except for a cancellation described in subsection (4), in the event of cancellation of or default in the performance of the contract by the debtor before its successful completion, a licensee may collect $25.00 in addition to any fees and charges of the licensee previously received by the licensee. This $25.00 fee is not subject to the 15% limitation on fees and charges under subsection (1).

(4) A contract is in effect when it is signed by the licensee and the debtor and the debtor has made a payment of any amount to the licensee. The debtor has the right to cancel the contract until 12 midnight of the third business day after the first day the contract is in effect by delivering written notice of cancellation to the licensee. A cancellation described in this section is not subject to, and a licensee shall not collect, the fee described in subsection (3).

(5) If a debtor fails to make a payment of any amount to a licensee within 60 days after the date a payment is due under a contract, the licensee may, in its discretion, cancel the debt management contract if it determines that the plan is no longer suitable for the debtor, the debtor fails to affirmatively communicate to the licensee the debtor’s desire to continue the plan, or the creditors of the debtor refuse to continue accepting payments under the plan.

(6) A licensee shall not contract for, receive, or charge a debtor an amount greater than authorized by this act. A person that violates this subsection, except as the result of an inadvertent clerical or computer error, shall return to the debtor the amount of the payments received from or on behalf of the debtor and not distributed to creditors, and, as a penalty, an amount equal to the amount overcharged.

530 W Allegan Street, 7th Floor
Lansing, MI  48909-7720
877-999-6442

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