§ 12-920. Prohibited conduct by licensees
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2012
Effective: July 1, 2012
MD Code, Financial Institutions, § 12-920
§ 12-920. Prohibited conduct by licensees
(a) A licensee may not:
(11) Enter into a contract or fee-for-service arrangement with a person owned, controlled by, or affiliated with an officer, a director, or an employee of the debt management services provider, or with a relative of an officer, a director, or an employee, that benefits an officer, a director, or an employee of the debt management services provider;
Collection of fees for referring, advising, procuring, arranging, or assisting consumers with credit
(b)(1) Notwithstanding any other provision of State law, a licensee may not, directly or indirectly, collect any fee for referring, advising, procuring, arranging, or assisting a consumer in obtaining any extension of credit or other consumer service from a lender or service provider if the licensee, or any owner, officer, director, principal, or employee of the licensee, is an owner, partner, director, officer, or employee of the lender or service provider.
(2) This subsection does not prohibit a licensee from referring, advising, procuring, arranging, or assisting a consumer in obtaining any extension of credit or other consumer service from a lender or service provider of which the licensee, or any owner, officer, director, principal, or employee of the licensee, is an owner, partner, director, officer, or employee, if:
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 2012, c. 56, § 1, eff. July 1, 2012.
MD Code, Financial Institutions, § 12-920, MD FIN INST § 12-920
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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