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<section article="gfi" article_name="Financial Institutions" number="12-1004" title_number="12" title_name="Miscellaneous Institutions and Activities" subtitle_number="10" subtitle_name="Maryland Debt Settlement Services Act">
  <level label="a">
    <text>A person may not offer, provide, or attempt to provide debt settlement services unless the person:</text>
    <level label="1">
      <text>Is registered with the Commissioner under this subtitle; or</text>
    </level>
    <level label="2">
      <text>Is exempt from registration under this subtitle.</text>
    </level>
  </level>
  <level label="b">
    <text>During the time period established by the Commissioner under subsection (c) of this section, each registrant shall:</text>
    <level label="1">
      <text>Obtain and maintain a valid unique identifier issued by NMLS when an account is created with NMLS; and</text>
    </level>
    <level label="2">
      <text>Transfer registration information to NMLS.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>The Commissioner shall establish a time period that is not less than 2 months within which a registrant must transfer registration information to NMLS.</text>
    </level>
    <level label="2">
      <text>The time period that the Commissioner establishes under this subsection shall begin on or after July 1, 2019.</text>
    </level>
    <level label="3">
      <text>At least 30 days before the transfer period begins, the Commissioner shall:</text>
      <level label="i">
        <text>Notify registrants of the transfer period; and</text>
      </level>
      <level label="ii">
        <text>Provide instructions for the transfer of registration information to NMLS.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <text>Subject to subsection (b) of this section, an applicant for the issuance of a registration or a renewal of a registration shall apply for the initial registration or the renewal of the registration through NMLS:</text>
    <level label="1">
      <text>On or after July 1, 2019; or</text>
    </level>
    <level label="2">
      <text>If the Commissioner has not joined NMLS with respect to persons required to be registered under this subtitle as of July 1, 2019, on or after the date that the Commissioner joins, as specified by the Commissioner by public notice.</text>
    </level>
  </level>
</section>
