2006 Code of Virginia § 54.1-3905 - Furnishing advice and services for compensation in connection with certain debt-pooling plans deeme...

54.1-3905. Furnishing advice and services for compensation in connectionwith certain debt-pooling plans deemed practicing law.

The furnishing of advice or services for compensation to a debtor inconnection with a debt-pooling plan pursuant to which the debtor depositsfunds for the purpose of distributing them among his creditors, except asauthorized for persons licensed pursuant to 6.1-363.7, shall be deemed tobe practicing law. Any person or agency not so authorized or who is not amember of the Virginia State Bar who furnishes or offers to furnish suchadvice or services for compensation shall be in violation of this section.However, it shall not constitute the practice of law merely to make orundertake to make payments to creditors on behalf of debtors, provided anyperson or agency that does so does not also negotiate with creditors,undertake to negotiate with creditors, or hold itself out as undertaking tonegotiate with creditors on behalf of one or more debtors. Any person whoviolates this section shall be guilty of a Class 1 misdemeanor.

(1956, c. 584, 54-44.1; 1975, c. 645; 1988, c. 765; 1994, c. 567; 2004, c.790.)

Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.