9.03(1)The following definition applies in this section.

9.03(2)No collection agency or collector that provides debt settlement services shall require or accept any payment or any security for the payment, directly or indirectly, in advance of providing the services, except as prescribed, or in excess of the maximum amount prescribed or determined in accordance with the regulations.

9.03(3)Every arrangement by which a collection agency or collector takes security in contravention of subsection (2) is void.