Ch. 375

2003 LAWS OF MARYLAND

(II) TITLE 21 OF THE COMMERCIAL LAW ARTICLE APPLIES TO THE
PROVISION OF MATERIALS AND ASSOCIATED TRANSACTIONS UNDER THIS
PARAGRAPH.

(B) EACH FINAL DEBT MANAGEMENT SERVICES AGREEMENT SHALL:

(1)      BE SIGNED AND DATED BY THE LICENSEE AND THE CONSUMER; AND

(2)      INCLUDE, IN AT LEAST 12 POINT TYPE:

(I)      THE NAME, ADDRESS, AND PHONE NUMBER OF THE
CONSUMER;

(II)     THE NAME, ADDRESS, PHONE NUMBER, AND LICENSE NUMBER
OF THE LICENSEE;

(III)   A DESCRIPTION OF THE DEBT MANAGEMENT SERVICES TO BE
PROVIDED TO THE CONSUMER AND ANY FEES TO BE CHARGED TO THE CONSUMER
FOR THE DEBT MANAGEMENT SERVICES;

(IV)    A DISCLOSURE OF THE EXISTENCE OF THE SURETY BOND
REQUIRED UNDER § 12-914 OF THIS SUBTITLE;

(V)     THE NAME AND ADDRESS OF THE FINANCIAL INSTITUTION IN
WHICH FUNDS, PAID BY THE CONSUMER TO THE LICENSEE FOR DISBURSEMENT TO
THE CONSUMER'S CREDITORS, WILL BE HELD;

(VI)    A NOTICE OF THE RIGHT OF A PARTY TO THE DEBT
MANAGEMENT SERVICES AGREEMENT TO CANCEL RESCIND THE DEBT
MANAGEMENT SERVICES AGREEMENT BY GIVING WRITTEN NOTICE OF
CANCELLATION RESCISSION TO THE OTHER PARTY;

(VII)  A SCHEDULE OF PAYMENTS THAT THE CONSUMER MUST MAKE
TO THE DEBT MANAGEMENT SERVICES PROVIDER, FOR DISBURSEMENT TO THE
CONSUMER'S CREDITORS, INCLUDING:

1.       THE AMOUNT AND DATE OF EACH PAYMENT AND THE
DATE ON WHICH EACH PAYMENT IS DUE; AND

2.       AN ITEMIZATION OF THE MAINTENANCE FEES THAT WILL
BE RETAINED BY THE DEBT MANAGEMENT SERVICES PROVIDER, AND THE AMOUNT
OF MONEY THAT WILL BE PAID TO THE CONSUMER'S CREDITORS, FROM EACH
PAYMENT THE CONSUMER MAKES TO THE DEBT MANAGEMENT SERVICES PROVIDER;

(VIII) 1. A LIST OF:

1. A. EACH PARTICIPATING CREDITOR OF THE CONSUMER
TO WHICH PAYMENTS WILL BE MADE UNDER THE DEBT MANAGEMENT SERVICES
AGREEMENT;

2. B. THE AMOUNT OWED TO EACH CREDITOR; AND

3. C. A SCHEDULE OF PAYMENTS THAT THE DEBT
MANAGEMENT SERVICES PROVIDER MUST WILL MAKE TO EACH PARTICIPATING

- 2678 -