Florida Statutes 559.11 – Budget planning prohibited
Current as of: 2022 | Check for updates | Other versions
Terms Used In Florida Statutes 559.11
- budget planning: as used in this part shall mean the act of entering into a contract by any person, firm, corporation, or association with a particular debtor by the terms of which contract the debtor agrees to deposit periodically with such person, firm, corporation, or association a specified sum of money and said person, firm, corporation, or association agrees to distribute said sum of money among specified creditors of the debtor in accordance with an agreed plan for which service the debtor agrees to pay a valuable consideration. See Florida Statutes 559.10
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Firm: as used in this part shall not include a partnership, all the members of which are admitted to practice law in this state, and who are current members of The Florida Bar. See Florida Statutes 559.12
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: as used in this part shall not include a person actively practicing law in Florida and who is also admitted to The Florida Bar, and any person who is currently a member of The Florida Bar. See Florida Statutes 559.12
No person, firm, corporation, or association shall engage in the business of budget planning as defined in s. 559.10; provided, the provisions of this part shall not be construed to affect any contract for services to facilitate accelerated payment of a mortgage loan.