(a) In this subtitle the following words have the meanings indicated. (b) “Annual gross revenue” means income or revenue from all sources, before any expenses or taxes, computed according to generally accepted accounting principles for the preceding fiscal year. (c) “Branch location” means any location other than the principal executive office of a licensee or license applicant at […]
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; (ii) An escrow agent; (iii) A certified public accountant; (iv) A banking institution, other-state bank, national banking association, credit union, or savings and loan association; (v) A person that: 1. Provides bill payer services, as […]
(a) An applicant shall submit separate applications for the applicant’s principal executive office and each branch location. (b) With the license application for the principal executive office of an applicant, the applicant shall pay to the Commissioner: (1) A nonrefundable investigation fee of $1,000 for an initial license; and (2) A license fee for an initial license or a […]
(a) All revenue received for the licensing 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 […]
(a) Whether or not the person maintains an office in this State, a person may not provide debt management services to consumers unless the person: (1) Is licensed by the Commissioner under this subtitle; or (2) Is exempt from licensing under this subtitle. (b) A separate license is required for the principal executive office of the license applicant or […]
(a) To qualify for a license, an applicant shall satisfy the Commissioner that: (1) The applicant and each of the owners, officers, directors, and principals of the applicant has sufficient experience, character, financial responsibility, and general fitness to: (i) Engage in the business of providing debt management services; (ii) Warrant the belief that the debt management services business will […]
(a) To apply for a license, an applicant shall: (1) Complete, sign, and submit to the Commissioner an application made under oath in the form, and in accordance with the process, that the Commissioner requires; and (2) Provide all the information that the Commissioner requests. (b) The application shall include: (1) The applicant’s name, principal executive office address, and website […]
(a) In connection with an initial application, a renewal application, and at any other time the Commissioner requests, an applicant or licensee shall provide fingerprints to NMLS for use by the Federal Bureau of Investigation to conduct criminal history records checks. (b) An applicant or licensee required to provide fingerprints under this section shall pay any processing […]
(a) After an applicant for a license files a complete application, files a surety bond, and pays the license and investigation fees required under this subtitle, the Commissioner shall investigate the facts relevant to the application to determine if the applicant meets the requirements of this subtitle. (b) Unless the Commissioner notifies an applicant that a different […]
(a) (1) Each license provided for through NMLS shall include the following information: (i) The name of the licensee; (ii) The address of the location at which the business is to be conducted; and (iii) The unique identifier of the licensee. (2) The unique identifier of the licensee shall constitute the license number for the license. (b) A license authorizes the licensee […]
(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. […]
(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 […]
(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 […]
(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 […]
(a) (1) A licensee may not perform debt management services for a consumer unless: (i) 1. The licensee provides the consumer with a consumer education program; 2. The licensee provides the consumer with a written summary of the counseling options and strategies for addressing the consumer’s debt problems developed under § 12–901(f)(2) of this subtitle; and 3. The consumer signs an […]
(a) Within 2 business days after receipt, a licensee shall deposit, in a trust account established for the benefit of consumers, any funds paid to the licensee by or on behalf of a consumer for disbursement to the consumer’s creditors. (b) A licensee shall: (1) Maintain separate records of account for each consumer to whom the licensee is […]
(a) With respect to the provision of debt management services, a licensee may not impose any fees or other charges on a consumer, or receive any funds or other payments from a consumer or another person on behalf of a consumer: (1) Except as provided in subsections (g)(3) and (i) of this section, until after the licensee […]
(a) A licensee shall provide to each consumer with whom the licensee has a debt management services agreement a written accounting of: (1) The amount of funds received from the consumer for payment to the consumer’s creditors since the last report; and (2) The amounts and dates of disbursements made to each creditor of the consumer since the […]
(a) A licensee may not: (1) Purchase any debt or obligation of a consumer; (2) Lend money or provide credit to a consumer; (3) Obtain a mortgage or other security interest in property owned by a consumer; (4) Operate as a collection agency, as defined in § 7–101 of the Business Regulation Article; (5) Structure a debt management services agreement in […]
(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 […]
