Section 5-1201 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Charge–off” means the act of a creditor that treats an account receivable or any other debt as a loss or an expense because payment is unlikely. (c) “Charge–off balance” means the amount due on the account or debt at the time of charge–off. (d) “Collector” means a […]
Section 5-1202 – Effect of Expiration of Statute of Limitations
(a) A creditor or a collector may not initiate a consumer debt collection action after the expiration of the statute of limitations applicable to the consumer debt collection action. (b) (1) Notwithstanding any other provision of law, any payment toward, written or oral affirmation of, or any other activity on the debt that occurs after the expiration of […]
Section 5-1007 – Hearing Not Necessary
Notwithstanding any other provision of law, in a civil action filed by a prisoner that is an appeal on the record, the court is not required to hold a hearing if it determines that a hearing is not necessary for the disposition of the matter.
Section 5-1203 – Required Documentation for Debt Buyer or Collector
(a) A debt buyer or a collector acting on behalf of a debt buyer may not initiate a consumer debt collection action unless the debt buyer or collector possesses all of the documents listed in subsection (b)(3) of this section. (b) (1) This subsection applies to a consumer debt collection action, including a small claim action under § […]
Section 5-1101 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Discounted present value” means the fair present value of future payments, as determined by discounting payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the United States Internal Revenue Service. (c) “Gift” […]
Section 5-1204 – Construction Not to Alter Licensing Requirements Applicable to Debt Buyers or Collectors
This subtitle may not be construed to alter any licensing requirement under federal or Maryland law applicable to debt buyers or collectors.
Section 5-1101.1 – Findings and Declaration of General Assembly
The General Assembly finds and declares that it is necessary to regulate transfers of structured settlement payment rights to: (1) Ensure that the transfers are effectuated on fair and reasonable terms and are in the best interests of payees; and (2) Protect payees against deceptive practices.
Section 5-1102 – Transfer of Certain Structured Settlement Payment Rights
(a) A direct or indirect transfer of structured settlement payment rights to a transferee is effective as provided in this subtitle. (b) A structured settlement obligor or annuity issuer may not make any payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer is authorized in an order of a court based […]
Section 5-1103 – Jurisdiction; Notice and Application for Authorization
(a) A petition for a transfer of structured settlement payment rights under § 5–1102 of this subtitle shall be filed: (1) If the payee resides in this State, in the circuit court for the county in which the payee resides; or (2) If the payee does not reside in this State, in the circuit court: (i) That approved the […]
Section 5-1104 – Structured Settlement Established in Resolution of Tort Claim for Compensation for Cognitive Injuries
(a) If, in any proposed transfer of structured settlement payment rights, the structured settlement was established in resolution of a tort claim seeking compensation for cognitive injuries, including any claim arising from childhood exposure to lead paint, the transferee shall: (1) Notify the court, in the petition filed under this subtitle, that the payee may be cognitively […]