Page Section Navigation
Go to: Header
Go to: Utility Navigation
Go to: Primary Navigation
Go to: Content
Go to: Footer
 

Money Management International

Disclaimer

Web
The information provided using this Web site 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.

Money Management International, Inc.
14141 Southwest Freeway, Suite 1000
Sugar Land, TX 77478
General Information: 866.889.9347
Customer Service: 888.845.5669
E-mail:info@moneymanagement.org

What is Money Management International (MMI)?

Money Management International, Inc (MMI) is a Texas-based, nonprofit organization organized under the IRS 501(c)(3) tax code. MMI provides financial education programs, housing advisory services, bankruptcy counseling, free personal credit and budget counseling, and debt management assistance. MMI’s services are consultative only and MMI cannot prevent wage attachment or garnishment, repossession or job loss. Therefore, you should rely on your own judgment in deciding which product/service best suits your needs and financial means. The information provided should be understood to be a general discussion of the subject matter and does not constitute a legal opinion about your particular situation.

The counseling form you submit either in person or online is not a legal document, and this form does not bind you to any fees or financial commitments with MMI. However, you providing your information to this site and related sites is consent for MMI to contact you by telephone, including mobile phone and text. If you choose to participate in a Debt Management Plan, you are asked to pay a set-up fee and monthly fee to cover the costs of creditor communications, general account maintenance, education, and other administrative costs.

For more information about our services, and possible fees associated with these services, please call us toll-free at 866.889.9347.

Addendums

Bankruptcy Counseling: Approved by the Executive Office or 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.

Additional State Disclosures

Arizona

MANAGEMENT INTERNATIONAL, INC IS NOT A LOAN COMPANY.

Colorado

The establishment of a DMP may adversely affect the individual's credit rating or credit scores, and nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation.

Delaware

The establishment of a DMP may adversely affect the individual's credit rating or credit scores, and nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation.

Illinois

MMI does not lend money.

Indiana

MMI does not lend money.

Maryland

The Commissioner of Financial Regulation for the State of Maryland will accept any questions and complaints from Maryland residents regarding Money Management International, Inc. License No. MD 14-13 at at 500 N. Calvert St., Room 402, Baltimore, MD 21202-3651, Phone: 1-888-784-0136.

Massachusetts

In Massachusetts, Money Management International of Massachusetts provides services to consumers on behalf of MMI.

Michigan

License #DM-0010567

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:

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.

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. 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.

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

Licensed Debt Management Service Provider.

Nevada

The establishment of a DMP may make it harder for the individual to obtain credit.

New Jersey

Licensed by the New Jersey Department of Banking.

New York

Licensed by the New York State Department of Financial Services.

Ohio

License #CS.900028.000

Oregon

License #DM-80009

Rhode Island

The establishment of a DMP may adversely affect the individual's credit rating or credit scores, and nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation.

Tennessee

The establishment of a DMP may make it harder for the individual to obtain credit. MMI is registered with the Division of Consumer Affairs as a debt management service provider.

Utah

The establishment of a DMP may make it harder for the individual to obtain credit.

Vermont

Licensed in Vermont by the Department of Banking.