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ROBERT L. EHRLICH, JR., Governor Ch. 574
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(2) CREDIT OF THE WAGE OF AN EMPLOYEE TO A DEBIT CARD OR CARD
ACCOUNT FROM WHICH THE EMPLOYEE IS ABLE TO ACCESS THE FUNDS THROUGH
WITHDRAWAL, PURCHASE, OR TRANSFER IF:
(I) AUTHORIZED BY THE EMPLOYEE; AND
(II) ANY FEES APPLICABLE TO THE DEBIT CARD OR CARD ACCOUNT
ARE DISCLOSED TO THE EMPLOYEE IN WRITING IN AT LEAST 12 POINT FONT.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2005.
Approved May 26, 2005.
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CHAPTER 574
(House Bill 753)
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AN ACT concerning
Financial Regulation - Debt Management Services
FOR the purpose of authorizing a person that is not a nonprofit organization to
provide debt management services in the State; clarifying that a person who
provides debt management services is subject to licensure whether or not the
person maintains an office in the State; requiring an applicant for licensure as a
debt management services provider to provide certain information to the
Commissioner of Financial Regulation and to satisfy the Commissioner as to
certain matters; prohibiting certain contracts or agreements between certain
persons, prohibiting certain advertising and related acts, and prohibiting
certain incentives relating to debt management services, subject to certain
penalties; altering certain licensing fees for debt management services
providers; altering the maximum amount of a certain surety bond filed by a debt
management services provider; defining a certain term terms; including a crime
under the Maryland Debt Management Services Act in certain definitions for
certain purposes; requiring the Commissioner and the Attorney General to
study and report to certain committees of the General Assembly on certain
matters; and generally relating to debt management services.
BY renumbering
Article - Courts and Judicial Proceedings
Section 7-409(a)(2)(ix) through (xix), respectively
to be Section 7-409(a)(2)(x) through (xx), respectively
Annotated Code of Maryland
(2002 Replacement Volume and 2004 Supplement)
BY repealing and reenacting, with amendments,
Article - Financial Institutions
- 3265 -
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