For establishing and maintaining a DMP, a licensee may charge or receive fees or contributions in an amount not to exceed the following: (i) $75 for a set-up fee; and (ii) a monthly maintenance fee of 15 percent of the total amount disbursed, but in no event more than $60 per month.

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Terms Used In Virginia Code 6.2-2015

  • DMP: means a program whereby a person agrees to engage in debt pooling and distribution services on behalf of a consumer, or multiple consumers if a joint account. See Virginia Code 6.2-2000
  • Licensee: means a person licensed under this chapter. See Virginia Code 6.2-2000
  • Maintenance fee: means a fee paid by a consumer to an agency for the administration of a DMP. See Virginia Code 6.2-2000
  • Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
  • Set-up fee: means a fee paid by a consumer to an agency for the establishment of a DMP. See Virginia Code 6.2-2000

2004, c. 790, § 6.1-363.17; 2010, c. 794.