Consumer Credit Counseling Indiana

Indiana Consumer Credit Advice

The new Indiana Act will apply the Credit Service Organization's rules to the repayment of debts. The Indiana government has passed new laws that will enter into force on July 1, 2010, requiring sovereign wealth regulators to obtain a $25,000 guarantee, submit a copy of the guarantee to the U.S. Attorney General, and make certain consumer disclosure before doing transactions in the state or contracting with local people.

The HB 1332 was duly executed by Indiana Governor Mitch Daniels on March 24, 2010. Under the new Act, credit regulation firms will be subject to the same demands and limitations as credit reform, credit amendment and credit consolidating firms. Additionally, in order to receive and file a copy of the $25,000 guarantee with the U.S. Attorney General, the Act stipulates that before entering into a sale or purchase arrangement or receipt of funds, creditors must provide the purchaser with the following information in writing:

An exhaustive and thorough explanation of the service to be provided to the purchaser and the overall costs of the service; a declaration describing the purchaser's right to take action against the guarantee or the guarantee bank deposit accounts; the name and physical location of the guarantee issuing body and the bank number of the guarantee bank deposit accounts; a full and thorough explanation of the purchaser's right to verify any consumer registration record of the purchaser under the Fair Credit reporting Act (15 U.S.C.).

1618 et seq.); A declaration that the Buyer's record is available for inspection in accordance with the conditions of 15 U.S.C. 1681(j); A full and fair declaration of the Buyer's right to contest the integrity or correctness of an article included in a Buyer's record kept by a consumer registration authority; A declaration that exact information cannot be indefinitely deleted from a consumer registration authority's record; A full and fair declaration of the existence of non-profit credit advisory service.

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