§ 12-1012. Debt settlement service agreements
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2022
Effective: October 1, 2022
MD Code, Financial Institutions, § 12-1012
§ 12-1012. Debt settlement service agreements
(a) A debt settlement services agreement shall:
“(Name of company) is a private company, and is not affiliated with the United States Department of Education or any other academic entity or governmental agency. (Name of company) is not a lender, guarantor, or servicer of federal student loans. You can apply for consolidation and other repayment plans without paid assistance through the United States Department of Education. More information is available on the Department's website or through your federal student loan servicer. You can find out who your servicer is through the United States Department of Education.”;
2. If the consumer requests to withdraw from the debt settlement services agreement, within 7 days after the request, all funds in the account, including accrued interest, less any debt settlement services fees earned by the registrant in compliance with § 12-1010 of this subtitle, must be paid to the consumer; and
Credits
Added by Acts 2011, c. 280, § 1, eff. Oct. 1, 2011; Acts 2011, c. 281, § 1, eff. Oct. 1, 2011. Amended by Acts 2022, c. 618, § 2, eff. Oct. 1, 2022.
MD Code, Financial Institutions, § 12-1012, MD FIN INST § 12-1012
Current with legislation effective through June 1, 2023, from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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