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 […]
Section 12-924 – On-Site Examination
(a) The Commissioner may conduct an on-site examination of a licensee with or without prior notice. (b) The licensee shall pay all reasonably incurred costs directly related to an examination conducted under this section, including the travel expenses, lodging expenses, and a per diem for examiners. (c) An on-site examination may be conducted in conjunction with an examination […]
Section 12-925 – License Number to Be Included in Advertisement
A licensee shall include in any advertisement the licensee’s unique identifier.
Section 12-926 – Denial, Suspension, Revocation of License
(a) Except as provided in subsection (c) of this section, and subject to the hearing provisions of § 12-927 of this subtitle, the Commissioner may deny a license to an applicant, reprimand a licensee, or suspend or revoke the license of a licensee if the applicant or licensee or an owner, officer, director, or principal of […]
Section 12-927 – Hearing
(a) Before the Commissioner denies an application for a license under § 12-910 of this subtitle or takes any action under § 12-926 of this subtitle, the Commissioner shall give the applicant or licensee an opportunity for a hearing. (b) Notice of the hearing shall be given and the hearing shall be held in accordance with Title […]
Section 12-912 – Term, Expiration, and Renewal of License
(a) An initial license term shall: (1) Begin on the date the license is issued; and (2) Expire on December 31 of the year: (i) In which the license is issued, if the license is issued before November 1; or (ii) Immediately following the year that the license is issued, if the license is issued on or after November 1. […]
Section 12-928 – Enforcement of Subtitle
(a) (1) The Commissioner may enforce the provisions of this subtitle and regulations adopted under this subtitle by: (i) Issuing an order requiring the violator: 1. To cease and desist from the violation and any further similar violations; and 2. To take affirmative action to correct the violation, including the restitution of money or property to any person aggrieved by […]
Section 12-913 – Surrender
(a) (1) A licensee may surrender a license through NMLS in accordance with the process that the Commissioner requires. (2) With the surrender of a license, a licensee shall provide: (i) The reason for the license surrender; (ii) For each consumer for whom the licensee is providing debt management services, the following information: 1. The name of the consumer; 2. The total […]