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§ 12-917. Trust accounts

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 9. Maryland Debt Management Services Act (Refs & Annos)
MD Code, Financial Institutions, § 12-917
§ 12-917. Trust accounts
In general
(a) Within 2 business days after receipt, a licensee shall deposit, in a trust account established for the benefit of consumers, any funds paid to the licensee by or on behalf of a consumer for disbursement to the consumer's creditors.
Duties of licensee relating to trust accounts
(b) A licensee shall:
(1) Maintain separate records of account for each consumer to whom the licensee is providing debt management services;
(2) Disburse any funds paid by or on behalf of a consumer to the consumer's creditors within 8 business days after receipt of the funds; and
(3)(i) Correct any misdirected payments resulting from an error by the licensee; and
(ii) Reimburse the consumer for any actual fees or other charges imposed by a creditor as a result of the misdirection.
Commingling of trust accounts prohibited
(c) A licensee may not commingle any trust account established for the benefit of consumers with any operating accounts of the licensee.

Credits

Added by Acts 2003, c. 374, § 1, eff. Oct. 1, 2003; Acts 2003, c. 375, § 1, eff. Oct. 1, 2003.
MD Code, Financial Institutions, § 12-917, MD FIN INST § 12-917
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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