Section 12-1016 – Violation of Subtitle
A violation of this subtitle is: (1) An unfair or deceptive trade practice within the meaning of Title 13 of the Commercial Law Article; and (2) Subject to the enforcement and penalty provisions of Title 13 of the Commercial Law Article.
Section 12-1001 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Consumer” means an individual who: (1) Resides in the State; and (2) Is seeking debt settlement services or has entered into a debt settlement services agreement in connection with debts that are consumer debts, as defined in § 13–101 of the Commercial Law Article. (c) “Debt management services” […]
Section 12-1017 – Short Title
This subtitle may be cited as the Maryland Debt Settlement Services Act.
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 12-921 – Reports
(a) (1) On or before April 30 of each year, a licensee shall report to the Commissioner on the debt management services business of the licensee conducted during the preceding calendar year. (2) The annual report shall be on the form that the Commissioner requires. (3) The report shall include: (i) An audited financial statement that is prepared in accordance […]
Section 12-922 – Retention of Books, Accounts, and Records
(a) To enable the Commissioner to determine compliance with this subtitle, a licensee shall make and preserve the following books, accounts, and records for a period of at least 7 years: (1) A general ledger containing all assets, liability, capital, income, and expense accounts; (2) Each debt management services agreement between the licensee and a consumer; (3) Books and […]
Section 12-923 – Investigation
(a) To discover any violations of this subtitle or to obtain any information required by this subtitle, the Commissioner at any time may investigate the business of: (1) A licensee; (2) A person that is engaged or participating in the business of providing debt management services; and (3) Any other person that the Commissioner has cause to believe is […]