ROBERT L. EHRLICH, JR., Governor

Ch. 375

(H) (I) "FUND" MEANS THE DEBT MANAGEMENT SERVICES FUND
ESTABLISHED UNDER § 12-905 OF THIS SUBTITLE.

(I) (J) "LICENSEE" MEANS AN ORGANIZATION LICENSED UNDER THIS
SUBTITLE TO PROVIDE DEBT MANAGEMENT SERVICES.

(J) (K) "MAINTENANCE FEE" MEANS A FEE PAID BY A CONSUMER TO A DEBT
MANAGEMENT SERVICES PROVIDER FOR THE MAINTENANCE OR SERVICING OF THE
CONSUMER'S ACCOUNTS WITH THE CONSUMER'S CREDITORS IN ACCORDANCE WITH
A DEBT MANAGEMENT SERVICES AGREEMENT.

(K) (L) "ORGANIZATION" MEANS A NONPROFIT ORGANIZATION THAT IS
EXEMPT FROM TAXATION UNDER § 501(C) OF THE INTERNAL REVENUE CODE.

(L) (M) "RESIDENT AGENT" MEANS AN INDIVIDUAL RESIDING IN THE STATE
OR A MARYLAND CORPORATION WHOSE NAME, ADDRESS, AND DESIGNATION AS A
RESIDENT AGENT ARE FILED OR RECORDED WITH THE STATE DEPARTMENT OF
ASSESSMENTS AND TAXATION IN ACCORDANCE WITH THE PROVISIONS OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE.

(M) "SET UP FEE" MEANS A FEE PAID BY A CONSUMER TO A DEBT
MANAGEMENT SERVICES PROVIDER IN CONNECTION WITH THE PROCESSING OF THE
CONSUMER'S APPLICATION FOR DEBT MANAGEMENT SERVICES.

(N) "TRUST ACCOUNT" MEANS AN ACCOUNT THAT IS:

(1)      ESTABLISHED IN A FINANCIAL INSTITUTION THAT IS FEDERALLY
INSURED;

(2)      SEPARATE FROM THE DEBT MANAGEMENT SERVICES PROVIDER'S
OPERATING ACCOUNT;

(3)      IMPRESSED WITH A TRUST THAT IS FREE FROM THE TRUSTEE
PROCESS DESIGNATED AS A "TRUST ACCOUNT" OR BY ANOTHER APPROPRIATE
DESIGNATION INDICATING THAT THE FUNDS IN THE ACCOUNT ARE NOT THE FUNDS
OF THE LICENSEE OR ITS OFFICERS, EMPLOYEES, OR AGENTS;

(4)      UNAVAILABLE TO CREDITORS OF THE DEBT MANAGEMENT
SERVICES PROVIDER; AND

(5)      USED TO HOLD FUNDS PAID BY CONSUMERS TO A DEBT
MANAGEMENT SERVICES PROVIDER FOR DISBURSEMENT TO CREDITORS OF THE
CONSUMERS.

12-902.

THIS SUBTITLE DOES NOT APPLY TO:

(1) THE FOLLOWING PERSONS WHEN ENGAGED IN THE REGULAR
COURSE OF THEIR RESPECTIVE BUSINESSES AND PROFESSIONS:

(I)      AN ATTORNEY AT LAW;

(II)     AN ESCROW AGENT;

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