Indiana Code 24-5-15-2.5. “Debt settlement services”
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Sec. 2.5. As used in this chapter, “debt settlement services” means any of the following services that a person performs, offers to perform, or represents, either directly or by implication, that the person will perform with respect to a debt between a buyer and one (1) or more unsecured creditors or debt collectors:
(2) A settlement of the debt.
(1) A renegotiation of the debt.
Terms Used In Indiana Code 24-5-15-2.5
- buyer: means an individual who is solicited to purchase or who purchases the services of a credit services organization. See Indiana Code 24-5-15-1
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- person: means an individual, a corporation, a partnership, a joint venture, or any other entity. See Indiana Code 24-5-15-4
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(3) An alteration of the terms of payment or other terms of the debt, including a reduction in the balance, interest rate, or fees owed by the buyer to the creditor or debt collector.
As added by P.L.114-2010, SEC.14.