Debt Management Services Providers in the United States
Services Providers in the Context of the Consumer Financial Protection Law
“Service provider” means “any person that provides a material service to a covered person in
connection with the offering or provision by such covered person of a consumer financial product or service, including a person that:
- participates in designing, operating, or maintaining the consumer financial product or service; or
- processes transactions relating to the consumer financial product or service (other than unknowingly or incidentally transmitting or processing financial data in a manner that such data is undifferentiated from other types of data of the same form as the person transmits or processes) . . . .
The term ‘service provider’ does not include a person solely by virtue of such person offering or providing to a covered person:
- a support service of a type provided to businesses generally or a similar ministerial service; or
- time or space for an advertisement for a consumer financial product or service through print, newspaper, or electronic media.” (12 U.S.C. § 5481(26)).
Resources
Further Reading
- Information about Debt Management Services Providers in the Gale Encyclopedia of American Law.