The Uniform Debt Management Services Act requires debt management companies to be licensed with the Division. In order to be eligible for licensure, the company must complete an application and pay a $2,000 nonrefundable application fee, have an effective insurance policy for $250,000, and provide a surety bond. Application approval is not guaranteed. The substance of the application will be reviewed to determine whether it should be approved or denied. Criminal background checks are required.
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