OAR 441-910-0145: Budget Analysis

(1) A debt management service provider shall not enter into an agreement for debt management services with a consumer until the debt management service provider completes a budget analysis that conforms to the requirements of this rule and determines that debt management services will be feasible and advantageous to the consumer. The budget analysis shall be in writing or be in a form easily reducible to written form. The budget analysis shall include, but not be limited to, the following information: (a) The name and address of the consumer; (b) The consumer’s number of dependents; (c) All wages, salary, and other income; (d) The number of exemptions claimed for federal income tax withholding; (e) Any payroll deductions and net take-home pay; (f)(A) Housing costs, including rents, leases or other consideration paid for the use of property; or (B) If the consumer is the owner of a home, any liens, mortgages or other claims or liabilities attached to the consumer’s property other than taxes and monthly payment on the residence; (g) The type and amount of other fixed periodic payments; (h) A complete list of reasonable and necessary living expenses for food, clothing, utilities, transportation, insurance, and other items; (i) A complete list of creditors, showing accounts subject to debt management services and accounts not subject to debt management services; (j) Information on any existing garnishments and judgments; (k) Periodic amount available for payment toward the plan; and (L) Anticipated near-term changes in the consumer’s economic circumstances. (2) If a debt management service provider enters into an agreement for debt management services with a consumer to improve or preserve a consumer’s credit record, history or rating, the budget analysis shall be include, but not be limited to, the following information: (a) The name and address of the consumer; (b) All wages, salary, and other income; (c)(A) Housing costs, including rents, leases or other consideration paid for the use of property; or (B) If the consumer is the owner of a home, any liens, mortgages or other claims or liabilities attached to the consumer’s property other than taxes and monthly payment on the residence; (d) The type and amount of other fixed periodic payments; (e) A complete list of creditors, showing accounts subject to debt management services and accounts not subject to debt management services; and (f) Anticipated near-term changes in the consumer’s economic circumstances. (3) A debt management service provider that completes a budget analysis shall give the consumer a written document that: (a) Informs the consumer that the budget analysis is conditioned on the information provided by the consumer; (b) Includes a statement that discusses the options for debt management services that may be advantageous for the consumer. (c) Includes a copy of the budget that formed the basis for the analysis (d) Warns the consumer that a creditor may not accept a plan for debt management services based on the budget analysis.