(a) In this subtitle the following words have the meanings indicated. (b) “Commissioner” means the Commissioner of Financial Regulation of the Maryland Department of Labor. (c) “Consumer” means any individual who is solicited to purchase or who purchases for personal, family, or household purposes the services of a credit services business. (d) “Consumer reporting agency”, “consumer report”, “investigative consumer […]
A credit services business, its employees, and independent contractors who sell or attempt to sell the services of a credit services business shall not: (1) Receive any money or other valuable consideration from the consumer, unless the credit services business has secured from the Commissioner a license under Title 11, Subtitle 3 of the Financial Institutions […]
(a) Notwithstanding any election of law or designation of situs in any contract, this subtitle applies to any contract for credit services if: (1) The credit services business offers or agrees to sell, provide, or perform any services to a resident of this State; (2) A resident of this State accepts or makes the offer in this State […]
A person who advertises a service described in § 14-1901(e)(1) of this subtitle, whether or not a credit services business, shall clearly and conspicuously state in each advertisement the number of: (1) The license issued under § 14-1903 of this subtitle; or (2) If not required to be licensed, the exemption provided by the Commissioner.
(a) This section does not apply to a credit services business providing the services described in § 14–1901(e)(1)(ii) of this subtitle. (b) Before either the execution of a contract or agreement between a consumer and a credit services business or the receipt by the credit services business of any money or other valuable consideration, the credit services […]
(a) The information statement required under § 14-1904 of this subtitle shall include: (1) An accurate statement of the consumer’s right to review any file on the consumer maintained by any consumer reporting agency, and the right of the consumer to receive a copy of a consumer report containing all information in that file as provided under […]
(a) Every contract between a consumer and a credit services business for the purchase of the services of the credit services business shall: (1) Be in writing, dated, and signed by the consumer; (2) For a credit services business providing the services described in § 14–1901(e)(1)(i) of this subtitle, include: (i) A conspicuous statement in size equal to at […]
(a) Any breach by a credit services business of a contract under this subtitle, or of any obligation arising under it, shall constitute a violation of this subtitle. (b) Any contract for services from a credit services business that does not comply with the applicable provisions of this subtitle shall be void and unenforceable as contrary to […]
A credit services business is required to obtain a surety bond pursuant to Title 11, Subtitle 3 of the Financial Institutions Article.
The surety bond shall be issued by a surety company authorized to do business in this State.
(a) Any person claiming against the surety bond for a violation of this subtitle may maintain an action against the credit services business and against the surety. (b) The surety shall be liable only for actual damages and not for the punitive damages permitted under § 14-1912 of this subtitle. (c) The aggregate liability of the surety to […]
(a) Any consumer who has reason to believe that this subtitle has been violated by any credit services business or by any other person may file a written complaint setting forth the details of the alleged violation with the Commissioner. (b) After receiving the complaint, the Commissioner may inspect the pertinent books, records, letters and contracts of […]
(a) Any credit services business which willfully fails to comply with any requirement imposed under this subtitle with respect to any consumer is liable to that consumer in an amount equal to the sum of: (1) Any actual damages sustained by the consumer as a result of the failure; (2) A monetary award equal to 3 times the […]
(a) An action to enforce any liability created under this subtitle shall be brought within 2 years from the date the violation at issue occurred. (b) Where a defendant has materially and willfully misrepresented any information required to be disclosed to a consumer by this subtitle and the information is material to establishing defendant’s liability, the action […]
(a) Each sale of the services of a credit services business that violates any provision of this subtitle is an unfair or deceptive trade practice under Title 13 of this article. (b) If the Division of Consumer Protection of the Office of the Attorney General has reason to believe that any credit services business, or any salesperson, […]
(a) Except as provided in subsection (b) of this section, any person who violates any provision of this subtitle is guilty of a misdemeanor and, on conviction, is subject to a fine not exceeding $5,000 or imprisonment not exceeding 3 years or both, in addition to any civil penalties. (b) A person may not be imprisoned for […]
This subtitle may be cited as the “Maryland Credit Services Businesses Act”.
