§ 12-1010. Fees for debt settlement services
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2011
Effective: October 1, 2011
MD Code, Financial Institutions, § 12-1010
§ 12-1010. Fees for debt settlement services
(a) Except as allowed under this subtitle, a registrant may not offer, provide, or attempt to provide debt settlement services in the State.
(b)(1) A registrant may charge a consumer a debt settlement services fee as provided under this section.
(c) Except as provided under subsection (d) of this section, a registrant may not charge a consumer a debt settlement services fee until after:
(d) Subsection (c) of this section does not prohibit a registrant from requesting or requiring a consumer to deposit funds in an account to be used for debt settlement services fees and for payments to creditors or debt collectors in connection with a debt settlement services agreement, provided that:
(5) If the consumer requests to withdraw from the debt settlement services agreement, within 7 days after the consumer's request, all funds in the account, including accrued interest, less any debt settlement services fees earned by the registrant in compliance with this section, are paid to the consumer.
(e)(1) Subject to paragraph (2) of this subsection, for each individual debt, a debt settlement services fee shall:
(f)(1) A registrant shall allow a consumer to withdraw from a debt settlement services agreement at any time.
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, § 12-1010, MD FIN INST § 12-1010
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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