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June 4, 2015

Disclosures


Garden State Consumer Credit Counseling, Inc. d/b/a Navicore Solutions (“Navicore Solutions”) maintains its commitment to comply with all applicable state regulations. Several states require disclosures to be listed. In accordance with state regulations, the disclosures below are provided: 

Web: The information provided using this Website is only intended to be general summary information to the public. It is not intended to take the place of legal advice, written law or regulations. 

Arizona: Garden State Consumer Credit Counseling, Inc. is NOT A LOAN COMPANY 

Colorado: The establishment of a debt management plan may adversely affect an individual’s credit rating or credit score. Nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation. 

Delaware: The establishment of a debt management plan may adversely affect an individual’s credit rating or credit score. Nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation. 

Illinois: Garden State Consumer Credit Counseling, Inc. does not lend money. 

Indiana: Garden State Consumer Credit Counseling, Inc. does not lend money. 

Kansas: The Kansas Office of the State Bank Commissioner will accept questions and complaints from consumers regarding Garden State Consumer Credit Counseling, Inc. CSO-0000036, at 700 SW Jackson, Suite 300, Topeka, Kansas, 66603, or by calling toll-free 1-877-387-8523. 

Maryland: The Commissioner of Financial Regulation for the State of Maryland will accept any questions and complaints from Maryland residents regarding Garden State Consumer Credit Counseling, Inc.; License No. 14-07 and 14-84 at 500 North Calvert Street, Room 402, Baltimore, Maryland 21202, phone 888-784-0136. 

Michigan: License No. 12333. You may contact the state of Michigan Department of Insurance and Financial Services at 611 W. Ottawa St. , 4th Floor, Lansing, MI 48933; Phone 517-373-1820. Section 13(1) 

Upon establishing a debt management plan for a debtor, a licensee may charge and receive an initial fee of $25.00. However, unless 51% or more in number and dollar amount of all the debtor’s creditors consent to the debt management program within 45 days of establishing the debt management plan, the fee shall be returned to the debtor and the debtor’s account closed. 

Section 14(1) A contract between a licensee and debtor shall include all of the following:

  1. Each creditor to whom payments will be made and the amount owed each creditor.
  2. The total amount of the licensee’s charges.
  3. The beginning and ending dates of the contract.
  4. The number of months and the total principal amount plus approximate interest charges required to liquidate in full the debts, except mortgage or land contract interest payments, described in the contract.
  5. The name and address of the licensee and of the debtor.
  6. Other provisions or disclosures that the director determines are necessary for the protection of the debtor and the proper conduct of business by a licensee.

Section 18 

1. A licensee may charge a reasonable fee under a debt management services contract. The fees and charges of the licensee shall not exceed 15% of the amount of the debt to be liquidated during the express term of the contract. The licensee may require the debtor to make an initial payment of not more than $25.00, which is part of the fees and charges of the licensee. The initial payment may be deducted from the amount of a subsequent fee that is amortized, if any. 

2. Except for a cancellation described in subsection (3), for which a licensee may not collect the additional fee described in this subsection, in the event of cancellation or default on the performance of the contract by the debtor before its successful completion, the licensee may collect $25.00 in addition to fees and charges of the licensee previously received. This $25.00 fee is not subject to the 15% limitation on fees and charges of the licensee in subsection (1). 

3. A contract is in effect when it is signed by the licensee and the debtor and the debtor has made a payment to the licensee. The debtor has the right to cancel the contract until 12 midnight of the third business day after the first day the contract is in effect by delivering written notice of cancellation to the licensee. 

4. If a debtor fails to make a payment to a licensee within 60 days after the date a payment is due under a contract, the contract is considered canceled by the debtor. A debtor may file a letter of continuation of a contract even if the debtor did not make a payment within 60 days after a payment was due. All of the following apply to a letter of continuation of a contract: 

 

  • A debtor may file only 1 letter of continuation with a licensee for any contract.
  • A letter of continuation must contain a detailed explanation of the reason or reasons for the missed payment or payments.
  • A contract for which a letter of continuation that meets the requirements of this subsection is filed remains in effect and subject to cancellation for any future failure to make a payment or payments as described in this subsection.
  • A contract between a licensee and a debtor shall clearly provide for 1 letter of continuation by a debtor.
  • A debtor may not file a letter of continuation with a licensee at the beginning of a contract.

5. A licensee shall not contract for, receive, or charge a debtor an amount greater than authorized by this act. A person who violates this subsection, except as the result of an inadvertent clerical or computer error, shall return to the debtor the amount of the payments received from or on behalf of the debtor and not distributed to creditors, and, as a penalty, an amount equal to the amount overcharged. 

Department of Insurance and Financial Services
611 W Ottawa St, 3rd Floor
Lansing, MI 48933
517.373.0220 or 877.999.6442 (toll-free) 

Mississippi: Garden State Consumer Credit Counseling, Inc. is a Licensed Debt Management Service Provider. 

Nevada: The establishment of a Debt Management Plan may make it harder for an individual to obtain credit. 

New Jersey: Licensed by the New Jersey Department of Banking. 

New York: Garden State Consumer Credit Counseling, Inc. is a licensed budget planner with the New York Department of Financial Services. 

Oregon: DM-80022. Garden State Consumer Credit Counseling, Inc. is registered by the Oregon Department of Consumer and Business Services. 

Rhode Island: The establishment of a debt management plan may adversely affect an individual’s credit rating or credit score. Nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation. 

Tennessee: The establishment of a debt management plan may make it harder for an individual to obtain credit. 

Utah: The establishment of a debt management plan may make it harder for an individual to obtain credit. 

Vermont: Licensed by the Vermont Department of Banking, Insurance, Securities and Health Care Administration. 

Virginia: Garden State Consumer Credit Counseling, Inc. is licensed by the Virginia State Corporation Commission – License No: DC-22.

Bankruptcy Counseling: Approved by the Executive Office for United States Trustees (EOUST) to provide credit counseling services and issue certificates in compliance with the bankruptcy code. Approval does not endorse or assure the quality of the Agency’s services. EOUST regulations do not apply to residents of NC or AL. 

Bankruptcy Education: Approved to issue certificates evidencing completion of a personal financial management instructional course in compliance with the Bankruptcy Code. Approval does not endorse or assure the quality of a Provider’s services.