1. (1) A credit counseling service may not:

   1. (a) purchase any debt or obligation of a consumer;
   2. (b) lend money or provide credit to a consumer;
   3. (c) obtain a mortgage or other security interest in any property of a consumer;
   4. (d) operate as a collection agency;
   5. (e) structure a debt management plan in a way that at the debt management plan's conclusion any debts of the consumer that are subject to the debt management plan are not fully amortized;
   6. (f) charge for or provide credit insurance;
   7. (g) cause or attempt to cause a consumer to waive or forego any right or benefit that the consumer has under the provisions of this part; or
   8. (h) operate in this state without a license.

2. (2)

   1. (a) A credit counseling service may not advertise its services in any manner in this state without first being licensed by the department.
   2. (b) A credit counseling service or any person on a credit counseling service's behalf may not misrepresent any material fact or make a false promise intended to induce a consumer into entering a debt management plan.

History: En. Sec. 6, Ch. 272, L. 2005.