                                 CODE OF VIRGINIA

FEE (§ 6.2-2041)

A. For providing debt settlement services, a licensee may charge or receive a
fee totaling either (i) no more than 20 percent of the principal amount of the
debt enrolled by a consumer into the licensee&#8217;s service or (ii) no more
than 30 percent of the difference between the amount owed by a consumer at the
time the licensee settles the debt and the amount to be paid by the consumer to
satisfy the debt.

B. If more than one debt is the subject of a debt settlement services agreement,
the licensee may only charge or collect that proportion of the total fee
allowable under clause (i) of subsection A that equals the proportion of the
aggregate debt the individual settled debt represents.

C. A licensee shall not charge or receive any other fee or compensation from a
consumer for providing debt settlement services other than the fee provided for
in this section.

HISTORY: 2020, c. 785.