PUBLIC LAW 109–8—APR. 20, 2005
119 STAT. 71
information (which shall be provided in a clear and conspicuous writing) to the assisted person on how to provide all the information the assisted person is required to provide under this title pursuant to section 521, including— ‘‘(1) how to value assets at replacement value, determine current monthly income, the amounts specified in section 707(b)(2) and, in a chapter 13 case, how to determine disposable income in accordance with section 707(b)(2) and related calculations; ‘‘(2) how to complete the list of creditors, including how to determine what amount is owed and what address for the creditor should be shown; and ‘‘(3) how to determine what property is exempt and how to value exempt property at replacement value as defined in section 506. ‘‘(d) A debt relief agency shall maintain a copy of the notices required under subsection (a) of this section for 2 years after the date on which the notice is given the assisted person.’’. (b) CONFORMING AMENDMENT.—The table of sections for chapter 5 of title 11, United States Code, as amended by section 227, is amended by inserting after the item relating to section 526 the following:
Records.
‘‘527. Disclosures.’’. SEC. 229. REQUIREMENTS FOR DEBT RELIEF AGENCIES.
(a) ENFORCEMENT.—Subchapter II of chapter 5 of title 11, United States Code, as amended by sections 227 and 228, is amended by adding at the end the following: ‘‘§ 528. Requirements for debt relief agencies ‘‘(a) A debt relief agency shall— ‘‘(1) not later than 5 business days after the first date on which such agency provides any bankruptcy assistance services to an assisted person, but prior to such assisted person’s petition under this title being filed, execute a written contract with such assisted person that explains clearly and conspicuously— ‘‘(A) the services such agency will provide to such assisted person; and ‘‘(B) the fees or charges for such services, and the terms of payment; ‘‘(2) provide the assisted person with a copy of the fully executed and completed contract; ‘‘(3) clearly and conspicuously disclose in any advertisement of bankruptcy assistance services or of the benefits of bankruptcy directed to the general public (whether in general media, seminars or specific mailings, telephonic or electronic messages, or otherwise) that the services or benefits are with respect to bankruptcy relief under this title; and ‘‘(4) clearly and conspicuously use the following statement in such advertisement: ‘We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.’ or a substantially similar statement. ‘‘(b)(1) An advertisement of bankruptcy assistance services or of the benefits of bankruptcy directed to the general public includes—
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