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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 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.

Additional State Disclosures

Arizona

MONEY 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., Suite 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

Licensed by the Department of Insurance and Financial Services

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 $50.00. However, unless 51% or more in number or dollar amount of all the debtor’s creditors consent to the debt management program within 90 days of establishing the debt management plan, the licensee shall provide notice to the debtor of the lack of required consent and the debtor may, at its option, close the account. If the debtor decides to close the account, any unexpended funds shall be returned to the debtor or disbursed as directed by the debtor.

Section 14(1)

A contract between a licensee and debtor shall include all of the following:

a) Each creditor to which payments will be made and the amount owed each creditor.
b) The total amount of the licensee’s charges.
c) The beginning and termination dates of the contract.
d) The principal amount and approximate interest charges of the debtor’s obligations to be paid under the debt management plan.
e) The name and address of the licensee and of the debtor.

f) Any 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 for providing debt management services under a debt management plan. The fees shall not exceed 15% of the amount of the debt to be liquidated during the express term of the plan.

2. A licensee may offer a debtor the option to purchase credit reports or educational materials and products, and charge a fee to the debtor if the debtor elects to purchase any of those items from the licensee. Fees charged under this subsection are not subject to the 15% limitation on fees described in subsection (1).

3. Except for a cancellation described in subsection (4), in the event of cancellation of or default in the performance of the contract by the debtor before its successful completion, a licensee may collect $25.00 in addition to any fees and charges of the licensee previously received by the licensee. This $25.00 fee is not subject to the 15% limitation on fees and charges under in subsection (1).

4. A contract is in effect when it is signed by the licensee and the debtor and the debtor has made a payment of any amount 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. A cancellation described in this section is not subject to, and a licensee shall not collect, the fee described in subsection (3).

5. If a debtor fails to make a payment of any amount to a licensee within 60 days after the date a payment is due under a contract, the licensee may, in its discretion, cancel the debt management contract if it determines that the plan is no longer suitable for the debtor, the debtor fails to affirmatively communicate to the licensee the debtor’s desire to continue the plan, or the creditors of the debtor refuse to continue accepting payments under the plan.

6. A licensee shall not contract for, receive, or charge a debtor an amount greater than authorized by this act. A person that 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
530 W. Allegan Street, 7th Floor
Lansing, MI 48933
517.284.8800 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.

Virginia

Licensed by the Virginia State Corporation Commission. License #DC-36