Title 15. Debt Collection -- Special Provisions — Subtitle 7. Offsets
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 15-701 (2026)
Title 15. Debt Collection -- Special Provisions
Subtitle 7. Offsets
§ 15–701LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Consumer debt” means any debt arising from a transaction for consumer goods as defined in § 9-109 of this article.
(c)
“Offset” means the seizure by a bank of personal property, belonging to a customer, in the bank’s possession or under its control on deposit to settle delinquent debts.
Md. Code Ann., Com. Law § 15-702 (2026)
Title 15. Debt Collection -- Special Provisions
Subtitle 7. Offsets
§ 15–702LinkCopy Citation
For the purposes of this article, a bank or financial institution may not offset any property in its possession or money from a customer’s savings or checking account for the settlement of a delinquent consumer debt unless:
(1)
The offset is authorized in writing by the customer; or
(2)
A court order is obtained to permit the offset.