ROBERT L. EHRLICH, JR., Governor Ch. 375
CREDITOR FROM THE CONSUMER'S PAYMENTS, INCLUDING THE AMOUNT AND DATE
OF EACH PAYMENT AND THE DATE ON WHICH EACH PAYMENT WILL BE MADE; AND
2. EACH CREDITOR THAT WILL THE LICENSEE REASONABLY
EXPECTS NOT TO PARTICIPATE IN THE MANAGEMENT OF THE CONSUMER'S DEBT
UNDER THE DEBT MANAGEMENT SERVICES AGREEMENT;
(IX) A DISCLOSURE THAT THE LICENSEE ALSO MAY RECEIVE
COMPENSATION FROM THE CONSUMER'S CREDITORS FOR PROVIDING DEBT
MANAGEMENT SERVICES TO THE CONSUMER;
(X) A DISCLOSURE THAT THE LICENSEE MAY NOT, AS A CONDITION
OF ENTERING INTO A DEBT MANAGEMENT SERVICES AGREEMENT, REQUIRE A
CONSUMER TO PURCHASE FOR A FEE A COUNSELING SESSION, AN EDUCATIONAL
PROGRAM, OR MATERIALS AND SUPPLIES;
(X) (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 ATTORNEY'S 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
- 2679 -
|