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§ 12-1002. Construction of subtitle with other law

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2011

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 10. Maryland Debt Settlement Services Act (Refs & Annos)
Effective: October 1, 2011
MD Code, Financial Institutions, § 12-1002
§ 12-1002. Construction of subtitle with other law
In general
(a) Subject to subsection (b) of this section, the provisions of this subtitle are in addition to and not in substitution for any other provision of law.
Persons periodically receiving funds from customers
(b) A person who periodically receives funds from consumers to be used in connection with providing debt settlement services is not engaged in providing debt management services, and is not subject to Subtitle 9 of this title, if the person:
(1) Complies with the requirements of this subtitle;
(2)(i) Negotiates to settle a consumer's debts by reducing the principal amount of the debts owed; and
(ii) Makes no more than six settlement payments for each debt; and
(3) Establishes a dedicated account that:
(i) Is separate from any trust account established by the person under § 12-917 of this title; and
(ii) Is not established solely for the purpose of holding consumer funds to be disbursed to the debt settlement services provider for fees.

Credits

Added by Acts 2011, c. 280, § 1, eff. Oct. 1, 2011; Acts 2011, c. 281, § 1, eff. Oct. 1, 2011.
MD Code, Financial Institutions, § 12-1002, MD FIN INST § 12-1002
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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