Ch. 374                                    2003 LAWS OF MARYLAND

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2003.

Approved May 22, 2003.

CHAPTER 374
(Senate Bill 339)

AN ACT concerning

Maryland Debt Management Services Act

FOR the purpose of prohibiting a person from providing debt management services to
certain consumers unless licensed by the Commissioner of Financial Regulation
or exempt from licensing under this Act; authorizing the Commissioner to take
certain actions to carry out this Act; authorising requiring the Commissioner by
regulation to establish certain fees; establishing a certain Debt Management
Services Fund; establishing certain qualifications for an applicant for a license;
requiring an applicant to submit a certain application, pay certain fees, and file
a certain surety bond; requiring an applicant, and a licensee, and certain other
individuals to provide fingerprints under certain circumstances; requiring the
Commissioner to investigate an applicant and approve or deny each application
for a license within a certain period of time; requiring the Commissioner to
include certain information on each license; requiring a licensee that offers or
provides debt management services through the Internet to include a certain
notice on its website; providing for the renewal of a license; establishing
procedures for surrendering a license; specifying certain requirements for a
certain surety bond required under this Act; requiring a licensee to give certain
notices to and file certain reports with the Commissioner; requiring a licensee to
give certain notice to and obtain approval of the Commissioner in connection
with certain proposed changes; establishing authorizing a certain penalty for
failure to file certain reports; prohibiting a licensee from performing debt
management services for a consumer unless certain actions have been taken;
specifying the contents of a debt management services agreement; requiring a
licensee to deposit, in a certain trust account, certain funds received by the
licensee; prohibiting a licensee from imposing certain fees or other charges or
receiving certain funds or payments except under certain circumstances;
requiring a licensee to disclose certain services and charges to a consumer;
prohibiting a licensee from requiring a voluntary contribution; authorizing a
licensee to accept a voluntary contribution under certain circumstances;
providing that a debt management services agreement shall be void and the
licensee shall return to the consumer certain fees, charges, funds, or payments
under certain circumstances; providing a specific right of modification or
rescission for a consumer and notification within a certain period of time;
requiring a licensee to provide certain accountings to consumers at certain
times; establishing certain prohibited acts; requiring a licensee certain persons
to make and preserve certain books, accounts, and records for a certain period of

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