ROBERT L. EHRLICH, JR., Governor                             Ch. 375

expires on December 31, 2005, unless it is renewed for a 2-year term as provided in
§ 12-912(b) of the Financial Institutions Article, as enacted by Section 1 of this Act.

SECTION 4. AND BE IT FURTHER ENACTED, That, on or before January 1,
2004, the Commissioner of Financial Regulation shall report, in accordance with §
2-1246 of the State Government Article, to the Senate Finance Committee and the
House Economic Matters Committee on the number of licenses that the
Commissioner has issued under this Act and any recommendations for changes to the
Maryland Debt Management Services Act, as enacted by Section 1 of this Act.

SECTION 3. 5. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2003.

Approved May 22, 2003.

CHAPTER 375
(House Bill 640)

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; authorizing 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 and
file a certain surety bond, and file evidence of 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 before the licensee changes a
certain business location or undergoes a certain change in control; establishing
certain penalties for failing to provide timely notice of certain proposed changes
to 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,

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