Section 15-701 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Consumer debt” means any debt arising from a transaction for consumer goods as defined in § 9-109 of this article. (c) “Offset” means the seizure by a bank of personal property, belonging to a customer, in the bank’s possession or under its control on deposit to […]
Section 15-702 – Offsets Against Consumer Debts Prohibited
For the purposes of this article, a bank or financial institution may not offset any property in its possession or money from a customer’s savings or checking account for the settlement of a delinquent consumer debt unless: (1) The offset is authorized in writing by the customer; or (2) A court order is obtained to permit the […]