30-14-2013. Prohibited practices. (1) A credit counseling service may not:
     (a) purchase any debt or obligation of a consumer;
     (b) lend money or provide credit to a consumer;
     (c) obtain a mortgage or other security interest in any property of a consumer;
     (d) operate as a collection agency;
     (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;
     (f) charge for or provide credit insurance;
     (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
     (h) operate in this state without a license.
     (2) (a) A credit counseling service may not advertise its services in any manner in this state without first being licensed by the department.
     (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.