Ch. 375

2003 LAWS OF MARYLAND

(7) A trade or mercantile association in the course of arranging the
adjustment of debts with a business establishment.]

Article - Financial Institutions

SUBTITLE 9. MARYLAND DEBT MANAGEMENT SERVICES ACT.
12-901.

(A)     IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)     (1) "CONSULTATION FEE" MEANS A FEE PAID BY A CONSUMER TO A
DEBT MANAGEMENT SERVICES PROVIDER IN CONNECTION WITH EVALUATION OF
AND CONSULTATION ABOUT THE CONSUMER'S FINANCIAL, CONDITION.

(2) "CONSULTATION FEE" INCLUDES A FEE PAID IN CONNECTION WITH
THE PROCESSING OF ANY APPLICATION THAT THE CONSUMER MAKES FOR DEBT
MANAGEMENT SERVICES.

(B) (C) "CONSUMER" MEANS AN INDIVIDUAL WHO:

(1)      RESIDES IN THE STATE; AND

(2)      IS SEEKING DEBT MANAGEMENT SERVICES OR HAS ENTERED INTO A
DEBT MANAGEMENT SERVICES AGREEMENT.

(C) (D) "CONSUMER EDUCATION PROGRAM" MEANS A PROGRAM OR PLAN
THAT SEEKS TO IMPROVE THE FINANCIAL LITERACY OF CONSUMERS.

(D) (E) "DEBT MANAGEMENT COUNSELOR" MEANS A PERMANENT,
TEMPORARY, OR CONTRACTUAL EMPLOYEE OF A DEBT MANAGEMENT SERVICES
PROVIDER OR ITS AGENT WHO PROVIDES DEBT MANAGEMENT ADVICE COUNSELING
TO CONSUMERS ON BEHALF OF THE DEBT MANAGEMENT SERVICES PROVIDER

(E) (F) "DEBT MANAGEMENT SERVICES" MEANS?

(1) RECEIVING FUNDS PERIODICALLY FROM A CONSUMER UNDER AN
AGREEMENT WITH THE CONSUMER FOR THE PURPOSE OF DISTRIBUTING THE FUNDS
AMONG THE CONSUMER'S CREDITORS IN PAYMENT FULL OR PARTIAL PAYMENT OF
THE CONSUMER'S DEBTS; OR

(2) SETTLING, ADJUSTING, PRORATING, POOLING, COMPROMISING, OR
LIQUIDATING THE INDEBTEDNESS OF A CONSUMER.

(F) (G) "DEBT MANAGEMENT SERVICES AGREEMENT" MEANS A WRITTEN
CONTRACT, PLAN, OR AGREEMENT BETWEEN A DEBT MANAGEMENT SERVICES
PROVIDER AND A CONSUMER FOR THE PERFORMANCE OF DEBT MANAGEMENT
SERVICES.

(G) (H) "DEBT MANAGEMENT SERVICES PROVIDER" MEANS AN
ORGANIZATION THAT PROVIDES OR OFFERS TO PROVIDE DEBT MANAGEMENT
SERVICES TO A CONSUMER IN THE STATE.

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