Florida Statutes 817.805 – Disbursement of funds
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 817.805
- Credit counseling agency: means any organization providing debt management services or credit counseling services. See Florida Statutes 817.801
- Credit counseling services: means confidential money management, debt reduction, and financial educational services. See Florida Statutes 817.801
- Creditor contribution: means any sum that a creditor agrees to contribute to a credit counseling agency, whether directly or by setoff against amounts otherwise payable to the creditor on behalf of debtors. See Florida Statutes 817.801
- Person: means any individual, corporation, partnership, trust, association, or other legal entity. See Florida Statutes 817.801
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
Any person engaged in debt management or credit counseling services shall disburse to the appropriate creditors all funds received from a debtor, less any fees permitted by s. 817.802 and any creditor contributions, within 30 days after receipt of such funds. However, a creditor contribution may not reduce any sums to be credited to the account of a debtor making a payment to the credit counseling agency for further payment to the creditor. Further, any person engaged in such services shall maintain a separate trust account for the receipt of any funds from debtors and the disbursement of such funds on behalf of such debtors.