North Dakota Code 13-11-18 – Individualized financial analysis
1. Before entering a written contract with a consumer, a debt-settlement provider shall prepare and provide to the consumer in writing and retain a copy of:
Terms Used In North Dakota Code 13-11-18
- Contract: A legal written agreement that becomes binding when signed.
- Individual: means a human being. See North Dakota Code 1-01-49
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
a. An individualized financial analysis, including the individual‘s income, expenses, and debts; and
b. A statement containing a good-faith estimate of the length of time it will take to complete the debt-settlement program, the total amount of debt owed to each creditor included in the debt-settlement program, the total savings estimated to be necessary to complete the debt-settlement program, and the monthly targeted savings amount estimated to be necessary to complete the debt-settlement program.
2. A debt-settlement provider may not enter a written contract with a consumer unless the debt-settlement provider makes written determinations, supported by the financial analysis, that:
a. The consumer can reasonably meet the requirements of the proposed debt-settlement program, including the fees and the periodic savings amounts set forth in the savings goals; and
b. The debt-settlement program is suitable for the consumer at the time the contract is to be signed.