Texas Finance Code 394.2095 – Cancellation of Agreement by Either Provider or Consumer
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Terms Used In Texas Finance Code 394.2095
- 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.
If a provider or a consumer cancels a debt management service agreement, the provider shall immediately return to the consumer:
(1) any money of the consumer held in trust by the provider for the consumer’s benefit; and
(2) 65 percent of any portion of the account set-up fee received under § 394.210(g)(1) that has not been credited against settlement fees.