Check Out Your Credit Counseling Agency
A Nonprofit Credit Counseling Agency may rely on the licensing exemption under Financial Code section 12104 if the organization is in compliance with the requirements of that section, and the organization files the documents required under that section.
Among other requirements, the exemption limits monthly fees that may be charged a debtor for a debt management plan to the lesser of 8% of the amount paid to creditors monthly, or $35. The fees for a debt settlement plan are limited to 15% of the amount of debt forgiven. An education and counseling fee of $50 may also be charged for either type of plan.
The Department of Financial Protection and Innovation does not grant the exemption, and makes no representations regarding whether the organizations filing with the Department are in compliance with all of the requirements of the exemption. If you have any questions about the exemption, you have a complaint against an organization, or you believe an organization is not in compliance with the requirements of the exemption, you may contact the Department at 1(866) 275-2677.
Below is a list of Nonprofit Credit Counseling Agencies that have filed those documents required by Financial Code section 12104 in order to rely on the licensing exemption. If an organization is not on the list, it may not administer a debt management plan or a debt settlement plan for residents of California unless it is licensed as a general prorater under the Check Sellers, Bill Payers and Proraters Law.
Nonprofit Credit Counseling Agencies Filing Exemption Notice
List of nonprofit credit counselors (PDF) agencies that have filed those documents required by Financial Code section 12104 in order to rely on the licensing exemption.
Enforcement Actions
Below is the list of administrative actions issued by the Department of Financial Protection and Innovation (formerly Department of Corporations) since 2002 against credit counselors engaged in unlicensed prorating activities, which are in pdf format.
- Ameridebt, Inc. (PDF)
- Brite Start Consulting Corp. (PDF)
- Credit Counseling Express, Inc. (PDF)
- Debtworks (PDF)
- Harbour Credit Counseling Services, Inc. (PDF)
- InCharge Institute of America, Inc. (PDF)
doing business as InCharge Institute and InCharge
Profina Debt Solutions - Innovative Systems Technology, Inc. (PDF)
- Money Management (PDF)
- MyVesta.org, Inc. (PDF)
- National Consumer Council, Inc. (PDF)
- Nationwide Asset Services, Inc.
- Neo Financial Services, Inc. (PDF)
- Positive Return, Inc. (PDF)
- Westbridge Capital Partners (PDF)