(A) Upon establishing a debt management plan for a debtor, a licensee may charge and receive a setup fee as established by the department by regulation. If, within forty-five days of establishing the debt management plan, the lack of consent from the debtor's creditors causes the DMP to be no longer suitable for the debtor, the fee must be returned to the debtor and the debtor's account closed. (B) Consent from the debtor's creditors must be recorded on a separate form to be kept in the debtor's file. The form must contain: (1) a list of all the creditors; (2) the manner in which consent was sought; (3) the date of each contact; (4) the name of the person contacted, if available; (5) the response obtained from the person contacted; (6) revised or special conditions or arrangements that condition the consent; and (7) the date on which the required consent was secured. (C) The consent of a creditor may be sought by sending a notice of a debt management plan to a creditor by appropriate means, including by telephone, facsimile, electronic mail, or first class mail. If the creditor does not respond within fourteen days after the sending of the notice, it is presumed that the creditor means, including by telephone, facsimile, electronic mail, or first class mail. If the creditor does not respond within fourteen days after the sending of the notice, it is presumed that the creditor has given consent. (D) If a payment under the debt management plan is sent to a creditor, acceptance of the payment or plan is presumed seven days after sending the payment. HISTORY: 2005 Act No. 111, Section 1, eff 6 month after approval by the Governor (became law without the Governor's signature on June 2, 2005).
South Carolina Legal Code