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I have a large client base of home owners who need loan modifications. However,

Customer Question
I have a large client...
I have a large client base of home owners who need loan modifications.

However, the FTC has banned our ability to charge upfront.
http://www.ftc.gov/opa/2010/11/mars.shtm

I would like to set up a prepaid legal type business with loan modification plans.
We want to charge a monthly membership plan. We have attorneys who will complete the loan modifications.

Is a prepaid legal plan exempt from MARS laws? I've seen local prepaid legal plans and they seem to be eligible for all attorney based exemptions.
Submitted: 5 years ago.Category: Business Law
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Answered in 6 hours by:
4/3/2012
Business Lawyer: Fran-mod,
 replied 5 years ago
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Customer reply replied 5 years ago
I am still waiting for an answer
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 replied 5 years ago
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Business Lawyer: kattorney, Attorney replied 5 years ago
kattorney
kattorney, Attorney
Category: Business Law
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A prepaid legal plan is not what you would call "exempt" from the MARS rules. However, setting up a prepaid legal plan would keep you in compliance with the MARS rules, because MARS does not apply to attorneys so long as: They provide mortgage assistance relief services as part of the practice of law; They are licensed to practice law in the state where their client or their client’s home is located; and They comply with all relevant state laws and regulations concerning attorney conduct.

So, as long as you are matching your clients with attorneys in their home states, you would not run into trouble under MARS.

Be careful though about setting up your prepaid plan, as these are regulated differently from state to state. So make sure your plan complies with your state's statutes regarding provision of prepaid legal services. It sounds like a good idea, I help a lot of people with loan mods and short sales and foreclosure defense these days. Good luck!
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