WILLIAM DONALD SCHAEFER, Governor                   Ch. 469

IF A CREDIT SERVICES BUSINESS IS REQUIRED TO OBTAIN A SURETY
BOND OR ESTABLISH A TRUST ACCOUNT PURSUANT TO § 14-1902 OF THIS
SUBTITLE, THE CREDIT SERVICES BUSINESS SHALL:

(1)  FILE A COPY OF THE SURETY BOND WITH THE
COMMISSIONER OR, WHERE A TRUST ACCOUNT IS ESTABLISHED, FILE
NOTIFICATION OF THE DEPOSITORY, THE TRUSTEE AND THE ACCOUNT
NUMBER WITH THE COMMISSIONER;

(2)  ESTABLISH THE TRUST ACCOUNT OR SURETY BOND IN
FAVOR OF THE STATE OF MARYLAND FOR THE BENEFIT OF ANY PERSON WHO
IS DAMAGED BY ANY VIOLATION OF THIS SUBTITLE. THE SURETY BOND OR
TRUST ACCOUNT ALSO SHALL BE IN FAVOR OF ANY PERSON DAMAGED BY
SUCH PRACTICES.

14-1909.

(A) THE SURETY BOND OR TRUST ACCOUNT SHALL BE IN AN AMOUNT
EQUAL TO 5% OF THE TOTAL AMOUNT OF THE FEES CHARGES TO CONSUMERS
BY THE CREDIT SERVICES BUSINESS DURING THE PREVIOUS 12 MONTHS.

(B) THE TRUST ACCOUNT OR SURETY BOND AMOUNT MAY NOT BE LESS
THAN $5,000 OR MORE THAN $25,000.

(C) THE AMOUNT REQUIRED SHALL BE ADJUSTED ONCE A YEAR, NO
LATER THAN THE 10TH DAY OF THE 1ST MONTH OF THE FISCAL YEAR OF
THE CREDIT SERVICES BUSINESS.

(A) THE SURETY BOND OR TRUST ACCOUNT SHALL BE IN THE AMOUNT
OF $10,000.

(B) THE SURETY BOND SHALL BE ISSUED BY A SURETY COMPANY
AUTHORIZED TO DO BUSINESS IN THIS STATE.

14-1910.

(A)  ANY PERSON CLAIMING AGAINST THE SURETY BOND OR TRUST
ACCOUNT FOR A VIOLATION OF THIS SUBTITLE MAY MAINTAIN AN ACTION
AGAINST THE CREDIT SERVICES BUSINESS AND AGAINST THE SURETY OR
TRUSTEE.

(B)  THE SURETY OR TRUSTEE SHALL BE LIABLE ONLY FOR ACTUAL
DAMAGES AND NOT FOR THE PUNITIVE DAMAGES PERMITTED UNDER §
14-1912 OF THIS SUBTITLE.

(C)   THE AGGREGATE LIABILITY OF THE SURETY OR TRUSTEE TO
ALL PERSONS DAMAGED BY A CREDIT SERVICES BUSINESS'S VIOLATION OF
THIS SUBTITLE MAY NOT EXCEED THE AMOUNT OF THE TRUST ACCOUNT OR
SURETY BOND.

14-1911.

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