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2005 LAWS OF MARYLAND
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Ch. 574
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(c) If the principal amount of a surety bond is reduced by payment of a claim
or judgment, the licensee shall file with the Commissioner any new or additional
surety bond in the amount that the Commissioner sets.
(d) The Commissioner may waive the surety bond requirement under this
section if the Commissioner determines that the volume of debt management services
provided by the applicant or licensee does not warrant the need for a surety bond.
(e) A penalty imposed under § 12-928 or § 12-929 of this subtitle may be paid
and collected from the proceeds of a surety bond required under this section.
12-920.
(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 manner that
would result in a negative amortization of any of the consumer's debts;
(6) Make any false, misleading, or deceptive representations or
omissions of information in connection with the offer, sale, or performance of any
service;
(7) Offer, pay, or give a substantial gift, bonus, premium, reward, or
other compensation to a person for referring a prospective customer to the licensee;
(8) Offer an incentive, including a gift, bonus, premium, reward, or other
compensation, to a consumer for executing a debt management services agreement
with the licensee;
(9) Charge for or provide credit insurance; [or]
(10) Compromise any debts of a consumer unless the licensee has
obtained the prior written approval of the consumer, and the compromise benefits the
consumer;
(11) ENTER INTO A CONTRACT OR FEE-FOR-SERVICE ARRANGEMENT
WITH A PERSON OWNED, CONTROLLED BY, OR AFFILIATED WITH AN OFFICER, A
DIRECTOR, OR AN EMPLOYEE OF THE DEBT MANAGEMENT SERVICE PROVIDER, OR
WITH A RELATIVE OF AN OFFICER, A DIRECTOR, OR AN EMPLOYEE, THAT BENEFITS
AN OFFICER, A DIRECTOR, OR AN EMPLOYEE OF THE DEBT MANAGEMENT SERVICE
PROVIDER;
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- 3274 -
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