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§ 12-921. Reporting requirements

West's Annotated Code of MarylandFinancial InstitutionsEffective: June 1, 2008

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 9. Maryland Debt Management Services Act (Refs & Annos)
Effective: June 1, 2008
MD Code, Financial Institutions, § 12-921
§ 12-921. Reporting requirements
In general
(a)(1) On or before April 30 of each year, a licensee shall report to the Commissioner on the debt management services business of the licensee conducted during the preceding calendar year.
(2) The annual report shall be on the form that the Commissioner requires.
(3) The report shall include:
(i) An audited financial statement that is prepared in accordance with generally accepted accounting principles and includes a balance sheet, income statement, statement of changes in fund balances, and statement of cash flow;
(ii) An alphabetical list of all debt management counselors who provided services for the licensee during the previous calendar year;
(iii) The number of consumers for whom the licensee provided debt management services under a debt management services agreement during the preceding calendar year;
(iv) The number of consumers who signed new debt management services agreements with the licensee during the preceding calendar year;
(v) The highest number of consumers for whom the licensee provided debt management services under a debt management services agreement during any month in the preceding calendar year;
(vi) The amounts paid by consumers to the licensee, both in total and for each month, during the preceding calendar year, broken down by:
1. Payments to be disbursed to creditors; and
2. Payments for the licensee's services;
(vii) The percentage of all consumers who received a consumer education program and subsequently executed a debt management services agreement during the preceding calendar year;
(viii) The number of consumers who successfully completed a debt management plan during the preceding calendar year;
(ix) The number of consumers who ceased participating in a debt management plan without successfully completing the plan during the preceding calendar year; and
(x) A representative sample of the written summary required under § 12-916(a)(1)(i)2 of this subtitle.
Reports required upon triggering events
(b)(1) Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the Commissioner describing the event and its expected impact on the licensee's activities in the State:
(i) The filing for bankruptcy or reorganization by the licensee;
(ii) The institution of a revocation or suspension proceeding against the licensee by a governmental authority that is related to the licensee's debt management services business in any state;
(iii) A felony indictment or conviction of the licensee, or any of its officers, directors, or debt management counselors, that is related to the licensee's debt management services business;
(iv) The commencement of a civil action by a consumer against the licensee, or its owners, officers, directors, principals, or debt management counselors, that is related to the licensee's debt management services business;
(v) The filing of any material litigation against the licensee, or its owners, officers, directors, principals, or debt management counselors, that is related to the licensee's debt management services business; and
(vi) A list of all third-party vendors and other service providers that the licensee used in providing debt management services at any time in the preceding calendar year.
(2) The written report required under paragraph (1) of this subsection shall be sent to the Commissioner by certified mail, return receipt requested, and include details sufficient to identify the event.
Other reports the Commissioner considers necessary
(c) The Commissioner may require any other reports from a licensee that the Commissioner considers necessary.
Failure to make report
(d) If a licensee fails to make any report required by this subtitle, the Commissioner may require the licensee to pay a surcharge not exceeding $50 for each day that the report is overdue.

Credits

Added by Acts 2003, c. 374, § 1, eff. Oct. 1, 2003; Acts 2003, c. 375, § 1, eff. Oct. 1, 2003. Amended by Acts 2008, c. 605, § 1, eff. June 1, 2008; Acts 2008, c. 606, § 1, eff. June 1, 2008.
MD Code, Financial Institutions, § 12-921, MD FIN INST § 12-921
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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