Section 12-1014 – Surety Bond
(a) A registrant that establishes a dedicated account in accordance with § 12–1010(d) of this subtitle shall file a surety bond with the Commissioner at the time the dedicated account is established. (b) (1) The bond shall run to the Commissioner, as obligee, for the benefit of: (i) The State; and (ii) Any consumer who […]
Section 12-1015 – Annual Report
(a) On or before March 15 of each year, a registrant shall report to the Commissioner on the debt settlement services business of the registrant conducted during the preceding calendar year. (b) The annual report shall be on the form that the Commissioner requires.
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 […]