Current through Register Vol. 63, No. 9, September 1, 2024
(1) A debt
management service provider shall not enter into an agreement for debt
management services with a consumer until the debt management service provider
completes a budget analysis that conforms to the requirements of this rule and
determines that debt management services will be feasible and advantageous to
the consumer. The budget analysis shall be in writing or be in a form easily
reducible to written form. The budget analysis shall be include, but not be
limited to, the following information:
(a)
The name and address of the consumer;
(b) The consumer's number of dependents;
(c) All wages, salary, and other
income;
(d) The number of
exemptions claimed for federal income tax withholding;
(e) Any payroll deductions and net take-home
pay;
(f)
(A) Housing costs, including rents, leases or
other consideration paid for the use of property; or
(B) If the consumer is the owner of a home,
any liens, mortgages or other claims or liabilities attached to the consumer's
property other than taxes and monthly payment on the residence;
(g) The type and amount of other
fixed periodic payments;
(h) A
complete list of reasonable and necessary living expenses for food, clothing,
utilities, transportation, insurance, and other items;
(i) A complete list of creditors, showing
accounts subject to debt management services and accounts not subject to debt
management services;
(j)
Information on any existing garnishments and judgments;
(k) Periodic amount available for payment
toward the plan; and
(L)
Anticipated near-term changes in the consumer's economic circumstances.
(2) If a debt management
service provider enters into an agreement for debt management services with a
consumer to improve or preserve a consumer's credit record, history or rating,
the budget analysis shall be include, but not be limited to, the following
information:
(a) The name and address of the
consumer;
(b) All wages, salary,
and other income;
(c)
(A) Housing costs, including rents, leases or
other consideration paid for the use of property; or
(B) If the consumer is the owner of a home,
any liens, mortgages or other claims or liabilities attached to the consumer's
property other than taxes and monthly payment on the residence;
(d) The type and amount of other
fixed periodic payments;
(e) A
complete list of creditors, showing accounts subject to debt management
services and accounts not subject to debt management services; and
(f) Anticipated near-term changes in the
consumer's economic circumstances.
(3) A debt management service provider that
completes a budget analysis shall give the consumer a written document that:
(a) Informs the consumer that the budget
analysis is conditioned on the information provided by the consumer;
(b) Includes a statement that discusses the
options for debt management services that may be advantageous for the consumer.
(c) Includes a copy of the budget
that formed the basis for the analysis
(d) Warns the consumer that a creditor may
not accept a plan for debt management services based on the budget analysis.
Stat. Auth.: 2009 OL Ch 604, § 21
Stats. Implemented: ORS
697.652
