(1) The United States trustee (or the bankruptcy administrator, if any) shall only approve a
nonprofit">
nonprofit budget and credit counseling agency that demonstrates that it will provide qualified counselors, maintain adequate provision for safekeeping and payment of client funds, provide adequate counseling with respect to client credit problems, and deal responsibly and effectively with other matters relating to the quality, effectiveness, and financial security of the services it provides.
(2) To be approved by the United States trustee (or the bankruptcy administrator, if any), a
nonprofit">
nonprofit budget and credit counseling agency shall, at a minimum
(A) have a board of directors the majority of which
(i) are not employed by such agency; and
(ii) will not directly or indirectly benefit financially from the outcome of the counseling services provided by such agency;
(B) if a fee is charged for counseling services, charge a reasonable fee, and provide services without regard to ability to pay the fee;
(C) provide for safekeeping and payment of client funds, including an annual audit of the trust accounts and appropriate employee bonding;
(D) provide full disclosures to a client, including funding sources, counselor qualifications, possible impact on credit reports, and any costs of such program that will be paid by such client and how such costs will be paid;
(E) provide adequate counseling with respect to a clients credit problems that includes an analysis of such clients current financial condition, factors that caused such financial condition, and how such client can develop a plan to respond to the problems without incurring negative amortization of debt;
(F) provide trained counselors who receive no commissions or bonuses based on the outcome of the counseling services provided by such agency, and who have adequate experience, and have been adequately trained to provide counseling services to individuals in financial difficulty, including the matters described in subparagraph (E);
(G) demonstrate adequate experience and background in providing credit counseling; and
(H) have adequate financial resources to provide continuing support services for budgeting plans over the life of any repayment plan.