Ch. 374                                    2003 LAWS OF MARYLAND

(XI) A DISCLOSURE THAT THE LICENSEE MAY NOT REQUIRE A
VOLUNTARY CONTRIBUTION FROM A CONSUMER FOR ANY SERVICE PROVIDED BY
THE LICENSEE TO THE CONSUMER;

(X) (XI) (XII) A DISCLOSURE THAT, BY EXECUTING THE DEBT
MANAGEMENT SERVICES AGREEMENT, THE CONSUMER AUTHORIZES ANY
FINANCIAL INSTITUTION IN WHICH THE LICENSEE HAS ESTABLISHED A TRUST
ACCOUNT FOR DEPOSIT OF THE CONSUMER'S FUNDS TO DISCLOSE TO THE
COMMISSIONER ANY FINANCIAL RECORDS RELATING TO THE TRUST ACCOUNT
DURING THE COURSE OF ANY INVESTIGATION OR EXAMINATION OF THE LICENSEE
BY THE COMMISSIONER;

(XI) (XII) (XIII) A DISCLOSURE THAT EXECUTION OF A DEBT
MANAGEMENT SERVICES AGREEMENT MAY IMPACT THE CONSUMER'S CREDIT
RATING AND CREDIT SCORES; AND

(XII) (XIII)(XIV) THE FOLLOWING NOTICE:

"THE COMMISSIONER OF FINANCIAL REGULATION FOR THE STATE OF
MARYLAND WILL ACCEPT QUESTIONS AND COMPLAINTS FROM MARYLAND
RESIDENTS REGARDING (NAME AND LICENSE NUMBER OF THE DEBT MANAGEMENT
SERVICE PROVIDER) AT (ADDRESS OF THE COMMISSIONER) PHONE (TOLL-FREE
NUMBER OF THE COMMISSIONER). DO NOT SIGN THIS AGREEMENT BEFORE YOU
READ IT. YOU MUST BE GIVEN A COPY OF THIS AGREEMENT.".

(C) A DEBT MANAGEMENT SERVICES AGREEMENT BETWEEN A CONSUMER
AND A PERSON THAT IS NOT A LICENSEE UNDER THIS SUBTITLE SHALL BE NULL AND
VOID, AND ALL FEES PAID TO THE PERSON UNDER THE DEBT MANAGEMENT
SERVICES AGREEMENT SHALL BE RECOVERABLE BY THE CONSUMER, TOGETHER
WITH REASONABLE ATTORNEYS FEES.

12-917.

(A)     WITHIN 2 BUSINESS DAYS AFTER RECEIPT, A LICENSEE SHALL DEPOSIT,
IN A TRUST ACCOUNT ESTABLISHED FOR THE BENEFIT OF THE CONSUMER
CONSUMERS, ANY FUNDS PAID TO THE LICENSEE BY OR ON BEHALF OF A CONSUMER
FOR DISBURSEMENT TO THE CONSUMER'S CREDITORS.

(B)     A LICENSEE SHALL:

(1)      MAINTAIN SEPARATE RECORDS OF ACCOUNT FOR EACH CONSUMER
TO WHOM THE LICENSEE IS PROVIDING DEBT MANAGEMENT SERVICES;

(2)      DISBURSE ANY FUNDS PAID BY OR ON BEHALF OF A CONSUMER TO
THE CONSUMER'S CREDITORS WITHIN 5 8 BUSINESS DAYS AFTER RECEIPT OF THE
FUNDS; AND

(3)      (I) CORRECT ANY MISDIRECTED PAYMENTS RESULTING FROM AN
ERROR BY THE LICENSEE; AND

(II) REIMBURSE THE CONSUMER FOR ANY ACTUAL FEES OR OTHER
CHARGES IMPOSED BY A CREDITOR AS A RESULT OF THE MISDIRECTION.

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