§ 12–917
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 12-917 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 9. Maryland Debt Management Services Act
§ 12–917LinkCopy Citation
(a)
Within 2 business days after receipt, a licensee shall deposit, in a trust account established for the benefit of consumers, any funds paid to the licensee by or on behalf of a consumer for disbursement to the consumer’s creditors.
(b)
A licensee shall:
(1)
Maintain separate records of account for each consumer to whom the licensee is providing debt management services;
(2)
Disburse any funds paid by or on behalf of a consumer to the consumer’s creditors within 8 business days after receipt of the funds; and
(3)
(i)
Correct any misdirected payments resulting from an error by the licensee; and
(ii)
Reimburse the consumer for any actual fees or other charges imposed by a creditor as a result of the misdirection.
(c)
A licensee may not commingle any trust account established for the benefit of consumers with any operating accounts of the licensee.