AN ACT TO MODERNIZE AND EXPAND THE PROHIBITION OF DEBT SETTLEMENT BY MAKING DEBT SETTLEMENT AN UNFAIR TRADE PRACTICE, CLARIFYING THE DEFINITION OF DEBT SETTLEMENT, EXPANDING CIVIL REMEDIES AVAILABLE TO DEBTORS, LIMITING DEBT SETTLEMENT ACTS THAT ARE AUTHORIZED, AND MAKE OTHER ADMINISTRATIVE AND TECHNICAL CHANGES.
House committee substitute to the 1st edition makes the following changes.
Amends GS 75-154 to exclude from those engaged in the business of debt adjusting or debt settlement an attorney-at-law licensed to practice in this State and acting within the attorney-client relationship with the debtor or creditor (was, debtor only), excluding services provided to a debtor by an attorney, or in the name of an attorney, who has entered into any arrangement with a person engaged, directly or through affiliates, in debt adjusting or debt settlement.
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