North Carolina General Statutes 14-424. Engaging, etc., in business of debt adjusting a misdemeanor
Current as of: 2024 | Check for updates
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Attorney's Note
Under the N.C. Gen. Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 2 misdemeanor | up to 60 days | up to $1,000 |
Terms Used In North Carolina General Statutes 14-424
- Debt adjuster: means a person who engages in, attempts to engage in, or offers to engage in the practice or business of debt adjusting. See North Carolina General Statutes 14-423
- Debt adjusting: means entering into or making a contract, express or implied, with a particular debtor whereby the debtor agrees to pay a certain amount of money periodically to the person engaged in the debt adjusting business and that person, for consideration, agrees to distribute, or distributes the same among certain specified creditors in accordance with a plan agreed upon. See North Carolina General Statutes 14-423
- Person: means an individual, firm, partnership, limited partnership, corporation, or association. See North Carolina General Statutes 14-423
If any person shall engage in, or offer to or attempt to, engage in the business or practice of debt adjusting, or if any person shall hereafter act, offer to act, or attempt to act as a debt adjuster, he shall be guilty of a Class 2 misdemeanor. (1963, c. 394, s. 2; 1969, c. 1224, s. 6; 1993, c. 539, s. 290; 1994, Ex. Sess., c. 24, s. 14(c).)