§ 12-918. Fees or charges for debt management services
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 12-918
§ 12-918. Fees or charges for debt management services
(a) With respect to the provision of debt management services, a licensee may not impose any fees or other charges on a consumer, or receive any funds or other payments from a consumer or another person on behalf of a consumer:
(c)(1) Subject to paragraph (2) of this subsection, a licensee may charge a monthly maintenance fee not exceeding $8 for each creditor of a consumer that is listed in the debt management services agreement between the licensee and the consumer.
(d) A licensee may collect from or on behalf of a consumer the funds the consumer has agreed to pay to the licensee under the debt management services agreement.
(e) A licensee may not charge a fee to:
(f)(1) A licensee may not require a voluntary contribution from a consumer for any service provided by the licensee to the consumer.
(2) A licensee may accept a voluntary contribution from a consumer for a debt management service provided by the licensee to the consumer if the aggregate amount of the voluntary contribution and any other fees received by the licensee from the consumer for debt management services does not exceed the total amount the licensee is authorized to charge the consumer under subsections (b) and (c) of this section.
(g)(1) Before providing debt management services to a consumer, a licensee shall provide the consumer a list of services and their charges describing:
(h)(1) In addition to any other right of rescission contained in the debt management services agreement, a consumer may modify or rescind a debt management services agreement if the consumer is notified of a creditor's nonparticipation under this subsection.
(2) If a creditor that is listed as participating in the debt management services agreement declines to participate in debt management services under the agreement, the licensee shall notify the consumer by certified mail, or other verifiable means approved by the consumer, at least 5 business days before the consumer's next scheduled payment under the agreement.
(i) If a payment by a consumer under this section to a licensee is dishonored, the licensee may charge the consumer the amount allowable for dishonored checks or other instruments under § 15-802 of the Commercial Law Article, whether or not the consumer has entered into a debt management services agreement with the licensee.
(j) With respect to the provision of debt management services, if a licensee imposes any fee or other charge or receives any funds or other payments not authorized under this section, except as a result of an accidental and bona fide error:
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, § 12-918, MD FIN INST § 12-918
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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