Ch. 375

2003 LAWS OF MARYLAND

NOT EXCEEDING $1,000 FOR THE FIRST VIOLATION AND NOT EXCEEDING $5,000 FOR
EACH SUBSEQUENT VIOLATION OR IMPRISONMENT NOT EXCEEDING 5 YEARS OR
BOTH.

12-930.

IN ADDITION TO ANY OTHER REMEDIES PROVIDED IN THIS SUBTITLE, A
CONSUMER MAY BRING A CIVIL ACTION TO RECOVER FOR ANY DAMAGES CAUSED BY
A VIOLATION OF THIS SUBTITLE, INCLUDING COURT COSTS AND REASONABLE
ATTORNEY'S FEES.

12-930. 12-931.

THIS SUBTITLE MAY BE CITED AS THE MARYLAND DEBT MANAGEMENT
SERVICES ACT.

SECTION 2. AND BE IT FURTHER ENACTED, That, in the absence of an
order by the Commissioner of Financial Regulation to the contrary, an organization
providing debt management services in the State to Maryland consumers on the
effective date of this Act may continue to provide debt management services in the
State to Maryland consumers without being licensed, as required under Section 1 of
this Act, until the Commissioner approves or disapproves the organization's
application for a license if:

(a)     the organization applies for a license no later than 60 days after the date
the Commissioner makes license applications available; and

(b)     the organization complies with all other provisions of this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That, notwithstanding §
12-912(a) of the Financial Institutions Article, as enacted by Section 1 of this Act, a
license issued on or after October 1, 2003, and on or before December 31, 2003,
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 5. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article - Financial Institutions

12-905.

(a)    (1) There is a Debt Management Services [Fund that] FUND.

(2) THE FUND IS AN ACCOUNT MAINTAINED WITHIN THE STATE
FINANCIAL REGULATION FUND ESTABLISHED UNDER § 2 109 OF THIS ARTICLE.

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