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 […]
Section 12-929 – Penalty for Violation of Subtitle
A person who knowingly and willfully violates any provision of this subtitle is guilty of a felony and on conviction is subject to a fine not exceeding $1,000 for the first violation and not exceeding $5,000 for each subsequent violation or imprisonment not exceeding 5 years or both.
Section 12-914 – Surety Bond
(a) With the application for a new license, an applicant shall file a surety bond with the Commissioner. (b) (1) The bond shall run to the Commissioner, as obligee, for the benefit of: (i) The State; and (ii) Any consumer who is injured by a violation of this subtitle or a regulation adopted under this subtitle committed by a licensee […]
Section 12-930 – Civil Action
In addition to any other remedies provided in this subtitle, a consumer may bring a civil action to recover for any damages caused by a violation of this subtitle, including court costs and reasonable attorney’s fees.
Section 12-915 – Change of Information Included in the Application
(a) (1) A licensee shall update through NMLS any change in the information required to be included in the licensee’s application under § 12–908(b)(1) and (2) of this subtitle at least 30 days before the change is effective. (2) The licensee shall ensure that, after the change described in this subsection, the licensee will continue to satisfy the […]
Section 12-931 – Title
This subtitle may be cited as the Maryland Debt Management Services Act.