State Disclosures

Maryland

Name			American Credit Counselors, Inc.
License #:			License #14-32
Advisory:			The Commissioner of Financial Regulation for the State of Maryland will accept any questions and complaints from Maryland residents regarding American Credit Counselors, Inc. at: (Toll Free) 888-784-0136 Office of the Commissioner of Financial Regulations 500 North Calvert Street Suite 402 Baltimore, MD 21202-3651

Oregon

Name			American Credit Counselors, Inc.
Registration #:			DM — 80021
Advisory:			OAR 441-910-0151 (1) requires disclosure of debt management registration number on all “advertisements, presentations, or other communication or promotional material designed or made to promote the debt management provider's services”. Department of Consumer and Business Services Division of Finance and Corporate Securities 350 Winter Street NE, Room 410 PO Box 14480 Salem, OR 97309-0405

Michigan

Name			American Credit Counselors, Inc.
License #:			0011035.
Advisory:			R451.1235 Posting statutory provision, address, and phone number; filing fee schedule and amendments thereto. Rule 15. (1) The firm shall prominently post at all offices, in not less than 8-point type, the provisions of sections 13(1), 14(1), and 18 of the act, as well as the address and phone number of the bureau. (2) The firm shall annually file with the bureau its fee schedule or a schedule of its range of fees, and shall file amendments to that schedule 5 days prior to any change in fees charged to the debtor: The Commissioner of Financial & Insurance for the State of Michigan will accept any questions and complaints from Michigan residents regarding American Credit Counselors, Inc at: Toll Free: 1-877-999-6442 Department of Energy, Labor, & Economic Growth Office of Financial & Insurance Regulation P.O. Box 30004 Lansing, MI 48909 451.423 Consent of creditors as condition to charging or receiving fee. Sec. 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. 451.424 Contract between licensee and debtor; requirements. Sec. 14. (1) A contract between a licensee and debtor shall include all of the following: (a) Each creditor to whom payments will be made and the amount owed each creditor. (b) The total amount of the licensee's charges. (c) The beginning and ending dates of the contract. (d) 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. (e) The name and address of the licensee and of the debtor. (f) 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. 451.428 Fee under debt management services contract; charge for cancellation or default; when contract effective; letter of continuation; excessive charge. Sec. 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) A debtor may file only 1 letter of continuation with a licensee for any contract. (b) A letter of continuation must contain a detailed explanation of the reason or reasons for the missed payment or payments. (c) 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. (d) A contract between a licensee and a debtor shall clearly provide for 1 letter of continuation by a debtor. (e) 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.