§ 12-1001. Definitions
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2022
Effective: October 1, 2022
MD Code, Financial Institutions, § 12-1001
§ 12-1001. Definitions
(b) “Consumer” means an individual who:
(c) “Debt management services” has the meaning stated in § 12-901 of this title.
(d)(1) “Debt settlement services” means any service or program represented, directly or by implication, to renegotiate, settle, reduce, or in any way alter the terms of payment or other terms of a debt between a consumer and one or more unsecured creditors or debt collectors, including a reduction in the balance, interest rate, or fees owed by a consumer to an unsecured creditor or debt collector.
(e) “Debt settlement services agreement” means a written contract, plan, or agreement between a debt settlement services provider and a consumer for the performance of debt settlement services.
(f) “Debt settlement services fee” means a fee charged to a consumer by a debt settlement services provider for providing debt settlement services for a consumer.
(g) “Debt settlement services provider” means a person that provides or offers to provide debt settlement services for a consumer regardless of whether the person provides the debt settlement services on a for-profit or not-for-profit basis.
(h) “Dedicated account” means an account described in § 12-1010(d) of this subtitle.
(i) “Offer, provide, or attempt to provide debt settlement services” means providing debt settlement services:
(j) “Principal amount of the debt” means the amount of a debt at the time the debt is included in a debt settlement services agreement.
(k) “Registrant” means a person registered under this subtitle to provide debt settlement services.
(l) “Student education loan” has the meaning stated in § 2-104.1(a) of this article.
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; Acts 2022, c. 618, §§ 1, 2, eff. Oct. 1, 2022.
MD Code, Financial Institutions, § 12-1001, MD FIN INST § 12-1001
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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