§ 12-901. Definitions
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Financial Institutions, § 12-901
§ 12-901. Definitions
(b) “Annual gross revenue” means income or revenue from all sources, before any expenses or taxes, computed according to generally accepted accounting principles for the preceding fiscal year.
(c) “Consultation fee” means a fee paid by a consumer to a debt management services provider in connection with the processing of any application that the consumer makes for debt management services.
(d) “Consumer” means an individual who:
(e) “Consumer education program” means a program or plan that:
(f)(1) “Control person” means a person who has the power, directly or indirectly, to direct the management or policies of a licensee or license applicant, whether through ownership of securities, by contract, or otherwise.
(g) “Debt management counselor” means a permanent, temporary, or contractual employee of a debt management services provider or its agent who provides counseling to consumers on behalf of the debt management services provider.
(h) “Debt management services” means receiving funds periodically from a consumer under an agreement with the consumer for the purpose of distributing the funds among the consumer's creditors in full or partial payment of the consumer's debts.
(i) “Debt management services agreement” means a written contract, plan, or agreement between a debt management services provider and a consumer for the performance of debt management services.
(j) “Debt management services provider” means a person that provides or offers to provide debt management services to a consumer.
(k) “License” means a license issued in any form by the Commissioner under this subtitle to provide debt management services, including as provided for through NMLS.
(l) “Licensed location” means any location listed by the licensee in NMLS in accordance with this subtitle.
(m) “Licensed name” means:
(n) “Licensee” means a person licensed under this subtitle to provide debt management services.
(o) “Maintenance fee” means a fee paid by a consumer to a debt management services provider for the maintenance or servicing of the consumer's accounts with the consumer's creditors in accordance with a debt management services agreement.
(p) “Relative” means any of the following who are related to an individual by blood, marriage, or adoption:
(q) “Resident agent” means an individual residing in the State or a Maryland corporation whose name, address, and designation as a resident agent are filed or recorded with the State Department of Assessments and Taxation in accordance with the Corporations and Associations Article.
(r) “Trust account” means an account that is:
Credits
Added by Acts 2003, c. 374, § 1, eff. Oct. 1, 2003; Acts 2003, c. 375, § 1, eff. Oct. 1, 2003. Amended by Acts 2005, c. 574, § 2, eff. Oct. 1, 2005; Acts 2008, c. 605, § 1, eff. June 1, 2008; Acts 2008, c. 606, § 1, eff. June 1, 2008; Acts 2016, c. 341, § 1, eff. July 1, 2016; Acts 2017, c. 253, § 1, eff. July 1, 2017; Acts 2021, c. 101, § 2, eff. Oct. 1, 2021; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 12-901, MD FIN INST § 12-901
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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