What are the requirements of the monthly statement?
Monthly statements are required to be delivered to the debtor beginning the first month after contracting with the debtor until the contract terminates. The statement must include the following:
- The dates and amounts of monies received from the debtor during the month
- The dates and amount of monies disbursed on behalf of the debtor during the month
- The fees collected by the licensee during the month
If a debtor does not make a payment during the month, a monthly statement is still required to be provided. If a debt management plan becomes "inactive" (terminated, cancelled, completed) during the month, a final monthly statement must be provided to the debtor.