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PARRIS N. GLENDENING, Governor
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Ch. 561
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(D) A TELECOMMUNICATIONS CARRIER MAY BE REQUIRED TO SHOW GOOD
CAUSE FOR FAILING TO COMPLY WITH THE CODE OF CONDUCT UNDER SUBSECTION
(B) OF THIS SECTION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2002.
Approved May 16, 2002.
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CHAPTER 561
(House Bill 1193)
AN ACT concerning
Closed End Credit Regulation - Credit Services Businesses
FOR the purpose of prohibiting a credit services business, its employees, and certain
independent contractors from assisting a consumer to obtain an extension of
closed end credit secured by personal property credit at a rate of interest which,
except for federal preemption of State law, would be prohibited under certain
provisions of law governing interest and usury, consumer loans, and closed end
credit regulation; repealing a certain definition and making certain other
conforming changes; and generally relating to regulation of closed end credit.
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 14-1902
Annotated Code of Maryland
(2000 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
14-1902.
(a) A credit services business, its employees, and independent contractors who
sell or attempt to sell the services of a credit services business shall not:
(1) Receive any money or other valuable consideration from the
consumer, unless the credit services business has secured from the Commissioner a
license under Title 11, Subtitle 3 of the Financial Institutions Article;
(2) Receive any money or other valuable consideration solely for referral
of the consumer to a retail seller or to any other credit grantor who will or may extend
credit to the consumer, if the credit extended to the consumer is substantially the
same terms as those available to the general public;
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- 4203 -
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