Missouri Laws 425.027 – Surety bond for debt adjusters required, amount
Each initial license application shall be accompanied by a surety bond in the principal sum in accordance with the following categories:
(1) Fifty thousand dollars if the applicant declares that the operation will handle no consumer monies; or
Terms Used In Missouri Laws 425.027
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) One hundred thousand dollars otherwise.
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The bond shall be for the benefit of any debtor who is damaged by the debt adjuster’s breach of the debt management plan or debt settlement plan or the debt adjuster’s failure to properly administer debtor funds collected or disbursed under the debt management plan or debt settlement plan. The director of the division of finance may investigate any debtor complaint and make claim on a bond for the benefit of a debtor or release the bond to a debtor to make a claim.