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 […]
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.