(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.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.