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Ch. 574 2005 LAWS OF MARYLAND
(1) All revenue received for the licensing of [organizations that provide]
debt management services PROVIDERS under this subtitle;
(2) Income from investments that the Treasurer makes for the Fund;
and
(3) Except as provided in subsection (b) of this section, any other fee or
revenue received by the Commissioner under this subtitle.
12-906.
[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.
12-907.
(a) To qualify for a license, an applicant shall satisfy the Commissioner that:
(1) The applicant is an organization; The applicant is an organization;
(2) (2) [Each] 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 be conducted lawfully, honestly, fairly, and efficiently; and
(iii) Command the confidence of the public;
(3) (2) (3) Each agent acting on behalf of the applicant to manage a
trust account required under § 12-917 of this subtitle has sufficient experience,
character, financial responsibility, and general fitness to:
(i) Engage in the business of managing a trust account;
(ii) Warrant the belief that the management of the trust account
will be conducted lawfully, honestly, fairly, and efficiently; and
(iii) Command the confidence of the public; and
(4) (3) (4) The applicant has a net worth computed according to
generally accepted accounting principles of at least $50,000, plus an additional net
worth of $10,000 for each location at which debt management services will be
provided to consumers, up to a maximum of $500,000 as provided in subsection (b) of
this section.
12-908.
(a) To apply for a license, an applicant shall submit to the Commissioner an
application on the form that the Commissioner provides.
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