California § 1788.301. 1788.301. (Added by Stats. 2021, Ch. 454, Sec. 1.)

California Statutes

§ 1788.301. — 1788.301. (Added by Stats. 2021, Ch. 454, Sec. 1.)

California·Code CIV Civil Code - CIV·Div. 3. DIVISION 3. OBLIGATIONS·Title 1.6C.17.·Part 4. TITLE 1.6C.17. Fair Debt Settlement Practices·Ch. 1. CHAPTER 1. General Provisions

For purposes of this title:

(a)“Debt settlement provider” means a person who, for compensation and on behalf of a consumer, provides debt settlement services.

(b)“Debt settlement services” means any of the following:

(1)Providing advice, or offering to act or acting as an intermediary, including, but not limited to, offering debt negotiation, debt reduction, or debt relief services between a consumer and one or more of the consumer’s creditors, if the primary purpose of that advice or action is to obtain a settlement for less than the full amount of the debt.

(2)Advising, encouraging, or counseling a consumer to accumulate funds in an account for future payment of a reduced amount of debt to one or more of the consumer’s creditors.

(c)“Settlement account” means a depository account es

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For purposes of this title:
(a)
“Debt settlement provider” means a person who, for compensation and on behalf of a consumer, provides debt settlement services.
(b)
“Debt settlement services” means any of the following:
(1)
Providing advice, or offering to act or acting as an intermediary, including, but not limited to, offering debt negotiation, debt reduction, or debt relief services between a consumer and one or more of the consumer’s creditors, if the primary purpose of that advice or action is to obtain a settlement for less than the full amount of the debt.
(2)
Advising, encouraging, or counseling a consumer to accumulate funds in an account for future payment of a reduced amount of debt to one or more of the consumer’s creditors.
(c)
“Settlement account” means a depository account established and used for the purpose of holding funds of a consumer to be distributed to a creditor in the event of a settlement of a consumer’s debt with the creditor.
(d)
“Consumer” means a person who is allegedly legally responsible for a debt.
(e)
“Person” means a natural person or entity, whether a corporation, partnership, association, trust, limited liability company, cooperative, or other organization.
(f)
“Creditor” means the person who originated the debt or is assigned, or has purchased for collection, a
debt for which a consumer is allegedly legally responsible.
(g)
“Debt” means money, whether in principal, interest, fees, or other charges, which is due or owing or alleged to be due or owing from a natural person to another person and incurred primarily for personal, family, or household purposes.
(h)
“Payment processor” means a person who provides payment processing services.
(i)
“Payment processing services” means accepting, maintaining, holding, or distributing funds, or facilitating the acceptance, maintenance, holding, or distribution of funds, on behalf of a consumer for the purpose of facilitating debt settlement services.

California § 1788.301. (1788.301. (Added by Stats. 2021, Ch. 454, Sec. 1.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.