425.027. Blanket bond for debt adjusters required, amount. - Missouri Statutes

Blanket bond for debt adjusters required, amount.

425.027. A debt adjuster shall provide a blanket bond in the amountof one hundred thousand dollars in favor of the state of Missouri and acopy of the bond shall be filed with the director of the division offinance. The bond shall be for the benefit of any debtor who is damaged bythe debt adjuster's breach of the debt management plan or the debtadjuster's failure to properly administer debtor funds collected ordisbursed under the debt management plan. The director of the division offinance may investigate any debtor complaint and make claim on a bond forthe benefit of a debtor or release the bond to a debtor to make a claim.

(L. 2007 H.B. 329)