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.
Section 12-1012 – Debt Settlement Services Agreement
(a) A debt settlement services agreement shall: (1) Be signed and dated by the registrant and the consumer; and (2) Include, in at least 12 point type: (i) The name, address, and telephone number of the consumer; (ii) The name, address, and telephone number of the registrant; (iii) A description of the debt settlement services to be provided to the consumer; […]
Section 12-1013 – Advertisement
An advertisement for debt settlement services shall include clearly and conspicuously a disclosure that, to the extent that any aspect of the debt settlement services relies on or results in the consumer’s failure to make timely payments to the consumer’s creditors or debt collectors, the use of the debt settlement services: (1) Will likely adversely affect […]