Section 12-1002 – Scope of Provisions; Providing Debt Management Services
(a) Subject to subsection (b) of this section, the provisions of this subtitle are in addition to and not in substitution for any other provision of law. (b) A person who periodically receives funds from consumers to be used in connection with providing debt settlement services is not engaged in providing debt management services, and is not […]
Section 12-1003 – Applicability of Subtitle
This subtitle does not apply to: (1) The following persons when engaged in the regular course of their respective businesses and professions: (i) An attorney at law who is admitted to the Maryland Bar while the attorney at law is providing professional legal services in an attorney–client relationship; (ii) An escrow agent; (iii) A certified public accountant; (iv) A banking […]
Section 12-1004 – Registration Required
(a) A person may not offer, provide, or attempt to provide debt settlement services unless the person: (1) Is registered with the Commissioner under this subtitle; or (2) Is exempt from registration under this subtitle. (b) During the time period established by the Commissioner under subsection (c) of this section, each registrant shall: (1) Obtain and maintain a valid unique […]
Section 12-1005 – Implementation of Subtitle
To carry out the provisions of this subtitle, the Commissioner may: (1) Adopt regulations; (2) Enter into cooperative and information sharing agreements with any federal or State regulatory agency having authority over debt settlement services providers; and (3) Exchange information about a debt settlement services provider, including information obtained during an examination, with any federal or State regulatory […]
Section 12-1006 – Fees
(a) A person registering as a debt settlement services provider with the Commissioner under this subtitle shall pay to the Commissioner a nonrefundable fee in the amount of: (1) $400 for the issuance of a registration under this subtitle; and (2) $400 for the renewal of a registration under this subtitle. (b) In addition to the registration fee required […]
Section 12-1007 – Use of Fees; Fines and Penalties Paid to General Fund
(a) All revenue received for the registration of persons under this subtitle and, except as provided in subsection (b) of this section, any other fee, examination assessment, or revenue received by the Commissioner under this subtitle shall be: (1) Credited to the Nondepository Special Fund established under § 11–610 of this article; and (2) Used in accordance with […]
Section 12-1008 – Application
(a) To apply for a registration, an applicant shall submit to the Commissioner an application on the form that the Commissioner provides. (b) The application shall include: (1) The applicant’s legal name, trade name, if any, main office address, telephone number, electronic mail address, if any, and website address, if any; (2) The name, address, and telephone number of […]
Section 12-1009 – Registration — Expiration and Renewal
(a) A registration issued under this subtitle expires on December 31 of each year. (b) On or after November 1 of the year in which a registration expires, the registration may be renewed for an additional 1–year term if the registrant: (1) Otherwise is entitled to be registered; (2) Pays to the Commissioner the renewal fee established under § […]
Section 12-1010 – Debt Settlement Services Fee
(a) Except as allowed under this subtitle, a registrant may not offer, provide, or attempt to provide debt settlement services in the State. (b) (1) A registrant may charge a consumer a debt settlement services fee as provided under this section. (2) A registrant may not: (i) Charge a consumer a fee for consultation or for obtaining a consumer’s credit […]
Section 12-1011 – Material Representation Prohibited
A registrant may not misrepresent any material aspect of any debt settlement service.