Timing of Disbursements to Appropriate Creditors; Trust Account Required

  1. Law
  2. Georgia Code
  3. Debtor and Creditor
  4. Debt Adjustment
  5. Timing of Disbursements to Appropriate Creditors; Trust Account Required

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  1. Any person engaged in debt adjusting shall disburse to the appropriate creditors all funds received from a debtor, less any fees authorized by this chapter, within 30 days of receipt of such funds.
  2. Any person engaged in debt adjusting shall maintain a separate trust account for the receipt of any and all funds from debtors and the disbursement of such funds on behalf of debtors.

(Code 1981, §18-5-3.2, enacted by Ga. L. 2003, p. 392, § 5.)

RESEARCH REFERENCES

ALR.

- Validity, construction, and application of state debt adjusting statutes, 90 A.L.R.6th 1.


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