debt adjuster

Debt adjusters , according to Sec. 36a-656, must be nonprofit organizations. A bona fide nonprofit organization means an individual, partnership, corporation, limited liability company, association, organization or other person in the operation of which no shareholder, member, director, officer, partner, employee, agent or other affiliated person profits financially other than receiving reasonable salaries if applicable, and which provides debt adjustment services for individuals at no cost or at a cost not exceeding that required to defray necessary, reasonable and bona fide expenses in order to provide such services; and "debt adjustment" means receiving, as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor.