Tuesday
Jun072011
Exemptions to MARS Rules
Tuesday, June 7, 2011 at 3:35PM Exemptions to this Rule
16 C.F.R. 322.7
An attorney is exempt (except for 322.5) if the attorney provides MARS as part of practice of law, is licensed in the state that the consumer’s dwelling is located, and complies with state laws and regulations.
An attorney is also except from 322.5 if the attorney deposits any funds received from the consumer prior to performing legal services in a client trust account, and complies with all state laws and regulations applicable to client trust accounts.