§ 5-1201. Definitions
West's Annotated Code of MarylandCourts and Judicial ProceedingsEffective: October 1, 2016
Effective: October 1, 2016
MD Code, Courts and Judicial Proceedings, § 5-1201
§ 5-1201. Definitions
(b) “Charge-off” means the act of a creditor that treats an account receivable or any other debt as a loss or an expense because payment is unlikely.
(c) “Charge-off balance” means the amount due on the account or debt at the time of charge-off.
(d) “Collector” means a person collecting or attempting to collect an alleged debt arising out of a consumer transaction.
(e) “Consumer debt” means a secured or an unsecured debt that:
(f)(1) “Consumer debt collection action” means any judicial action or arbitration proceeding in which a claim is asserted to collect a consumer debt.
(g) “Consumer transaction” means any transaction involving a person seeking or acquiring real or personal property, services, money, or credit for personal, family, or household purposes.
(i)(1) “Debt buyer” means a person that purchases or otherwise acquires consumer debt from an original creditor or from a subsequent owner of the debt.
(iv) A mortgage servicer that is licensed under Title 11, Subtitle 5 of the Financial Institutions Article, unless the mortgage servicer or a collector acting on the mortgage servicer's behalf collects or attempts to collect a deficiency balance or deficiency judgment in any way related to or arising from a foreclosure or short sale of real property that secured the mortgage loan;
(vi) A bank, credit union, or savings and loan association that acquired from another bank, credit union, or savings and loan association, in the ordinary course of business, all of a specific type of consumer debt owned by the other bank, credit union, or savings and loan association except for consumer debt that had been charged off; or
(k)(1) “Principal” means the unpaid balance of a debt or an obligation arising from a consumer transaction that is owed or alleged to be owed to the original creditor.
Credits
Added by Acts 2016, c. 579, § 1, eff. Oct. 1, 2016.
MD Code, Courts and Judicial Proceedings, § 5-1201, MD CTS & JUD PRO § 5-1201
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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