Licenses and Disclosures

North Seattle Community College Foundation dba American Financial Solutions

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American Financial Solutions

One Union Square, 600 University Street, Suite 2409

Seattle, WA 98101

Phone: (888) 282-5494

Email: suggestions@myfinancialgoals.org

American Financial Solutions (AFS)

American Financial Solutions (AFS) is a Seattle-based, nonprofit organization organized under the IRS 501(c)(3) tax code.  AFS provides financial education programs, housing counseling services, bankruptcy counseling, free personal credit and budget counseling, student loan counseling and debt management assistance.

For more information about our services, please call us toll-free at 888-282-5494.

Disclosures

Not all services available in all states. Fees may apply for certain services, including debt management plan services. Eligibility requirements, terms and conditions apply. Individual results may vary depending upon several factors, including creditor participation and your financial situation. Establishment of a debt management plan may adversely affect your credit rating or credit score. Nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation. Using a debt management plan may make it harder for an individual to obtain credit. Ask us for details.

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.

State Disclosures

AFS does business in all 50 States and the District of Columbia.  The following disclosures are required by the states indicated.

Arizona

In Arizona, American Financial Solutions, does business as AFS Credit Counseling. AFS 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

In Illinois, American Financial Solutions does business as AFS Credit Counseling.  AFS Credit Counseling does not lend money.

Indiana

American Financial Solutions 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 North Seattle Community College Foundation dba American Financial Solutions (License No. 14-18) at 500 N. Calvert St., Suite 402, Baltimore, MD 21202-3651, Phone: 1-888-784-0136.

Michigan

AFS is licensed in Michigan as a Debt Management Company under license #0020780. 

Section 13 
(1) When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00.
(2) A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar amount, of the debtor's creditors within 90 days after establishing the debt management plan. If the required consent is not actually received by the licensee, 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) In addition to the fee described in section 13(1), a licensee may charge a reasonable fee for providing debt management services under a debt management plan. The fee under this subsection 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). AFS does not charge these fees
(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 subsection (1). AFS does not charge this fee.
(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). AFS does not charge a cancellation fee.
(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.

Nebraska

American Financial Solutions does business as AFS Credit Counseling.  AFS Credit Counseling does not lend money.

Nevada

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

New Hampshire

American Financial Solutions does business as AFS Credit Counseling.

New Jersey

Licensed by the New Jersey Department of Banking.

New York

Licensed by the New York State Department of Financial Services.

Montana

Montana residents with disputes regarding AFS services may phone our Client Service Department at (888) 282-5494; disputes that cannot be resolved by contacting Client Service will be referred to mediation. Corporate Address: AFS 600 University St, Suite 2409, Seattle, WA 98101. Counseling Center Located at 263 4th Street, Bremerton WA 98337. 

Oregon

License #DM-80024

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. AFS 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 Financial Regulation.

Virginia

Licensed by the Virginia State Corporation Commission. License #DC-28

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