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§ 12-1004. Registration required for persons to offer or provide debt settlement services

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 10. Maryland Debt Settlement Services Act (Refs & Annos)
Effective: July 1, 2019
MD Code, Financial Institutions, § 12-1004
§ 12-1004. Registration required for persons to offer or provide debt settlement services
In general
(a) A person may not offer, provide, or attempt to provide debt settlement services unless the person:
(1) Is registered with the Commissioner under this subtitle; or
(2) Is exempt from registration under this subtitle.
NMLS account
(b) During the time period established by the Commissioner under subsection (c) of this section, each registrant shall:
(1) Obtain and maintain a valid unique identifier issued by NMLS when an account is created with NMLS; and
(2) Transfer registration information to NMLS.
Transfer of registration to NMLS account
(c)(1) The Commissioner shall establish a time period that is not less than 2 months within which a registrant must transfer registration information to NMLS.
(2) The time period that the Commissioner establishes under this subsection shall begin on or after July 1, 2019.
(3) At least 30 days before the transfer period begins, the Commissioner shall:
(i) Notify registrants of the transfer period; and
(ii) Provide instructions for the transfer of registration information to NMLS.
Application for initial registration or renewal through NMLS
(d) Subject to subsection (b) of this section, an applicant for the issuance of a registration or a renewal of a registration shall apply for the initial registration or the renewal of the registration through NMLS:
(1) On or after July 1, 2019; or
(2) If the Commissioner has not joined NMLS with respect to persons required to be registered under this subtitle as of July 1, 2019, on or after the date that the Commissioner joins, as specified by the Commissioner by public notice.


Added by Acts 2011, c. 280, § 1, eff. Oct. 1, 2011; Acts 2011, c. 281, § 1, eff. Oct. 1, 2011. Amended by Acts 2019, c. 90, § 1, eff. July 1, 2019.
MD Code, Financial Institutions, § 12-1004, MD FIN INST § 12-1004
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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