Maryland Debt Management Services Act

The act regulates businesses that provide debt management services to consumers, requiring providers to be licensed and to renew that licensure annually, to post a surety bond, and to enter into a written agreement with each consumer they serve. It governs the fees a provider may charge, sets standards for holding and disbursing consumer funds — including when a third-party payment processor is involved — and imposes recordkeeping, reporting, and advertising requirements while barring specified practices. Administration and enforcement rest with a state commissioner, who may examine provider records and suspend or revoke a registration; violations can also affect the rights of the parties under the consumer's agreement.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.