Section 26-601 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Consumer reporting agency” has the meaning stated in § 14–1201 of the Commercial Law Article. (c) “Nonconforming payment” means a payment made by a student loan borrower that is more or less than the required payment for a student education loan account. (d) “Servicing” means: (1) (i) Receiving any […]
Section 26-602 – Prohibited Activities and Other Responsibilities of Student Loan Servicer
(a) Except as otherwise required by federal law or a court order, a student loan servicer may not: (1) Employ, directly or indirectly, any scheme, device, or artifice to mislead a student loan borrower; (2) Engage in any unfair, abusive, or deceptive trade practice toward any person; (3) Misrepresent information or omit any material information in connection with the […]
Section 26-603 – Violations of Subtitle
A violation of this subtitle is: (1) An unfair, abusive, or deceptive trade practice within the meaning of Title 13 of the Commercial Law Article; and (2) Subject to the enforcement and penalty provisions contained in Title 13 of the Commercial Law Article.
Section 26-604 – Enforcement of Subtitle
(a) The Commissioner of Financial Regulation may enforce the provisions of this subtitle by exercising any of the powers provided under §§ 2–113 through 2–116 of the Financial Institutions Article. (b) (1) The Commissioner of Financial Regulation may seek an injunction to prohibit a person who has engaged in or is engaging in a violation of this subtitle […]