Section 1042 - [Operative 2/15/2025] Annual Reporting - Debt Settlement ServicesIf the registrant offers or provides debt settlement services under its registration, the registrant's annual report shall include the following information relating to the debt settlement services provided to California residents in the prior calendar year:
(a) The number of California residents who had an existing contract for debt settlement services in effect at any time during the prior calendar year.(b) For the residents identified in subdivision (a) of this section, the total number of debts residents contracted for debt settlement services with the registrant.(c) For the residents and debts identified in subdivisions (a) and (b) of this section, respectively, the total dollar amount of debt of all residents who contracted for services with the registrant based on the total debt balances upon execution of the contracts with the registrant.(d) For the residents identified in subdivision (a) of this section, the total dollar amount of charges paid by all residents during their contract terms.(e) For the residents identified in subdivision (a) of this section, the total number of debts for all residents who contracted for services with the registrant in which the resident, over the contract term, has accepted a settlement with a creditor and made at least one payment pursuant to that settlement.(f) For the debts for which a resident identified in subdivision (a) of this section has accepted a settlement at any time with a creditor and made at least one payment pursuant to that settlement, the average amount owed upon execution of the contract with the registrant for the settled debts, and the average settlement amount based upon the total of all payments due for the settled debts under the settlement agreements.(g) For the debts for which a resident identified in subdivision (a) of this section has accepted a settlement with a creditor and made at least one payment pursuant to that settlement over the contract term, the average amount of time between execution of the contract and the first payment under each settlement.Cal. Code Regs. Tit. 10, § 1042
Note: Authority cited: Sections 90009 and 90010, Financial Code. Reference: Sections 90003, 90005, 90006, 90009, 90009.5, 90010 and 90018, Financial Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).