Debt Management Services - Financial Regulation
A Debt Management Service business receives funds periodically from a consumer under an agreement with the consumer with the purpose of distributing one or more payments to or among one or more creditors of the consumer in full or partial payment of an obligation.
Laws and Rules
Applicants and licensees are expected to be knowledgeable about and in compliance with the Debt Management Services Act, and any other applicable State or Federal statutes and regulations. Maryland rules and regulations can be found by accessing the Code of Maryland Unannotated and Rules (Public Access) and Code of Maryland Regulations (COMAR).
Note: To access the Maryland Code Annotated, from the link below, select the "Maryland Code" folder, then select the individual folders or links provided to delve into the volumes, chapters, and/or sections of the publication.
Maryland Code Annotated, Financial Institutions § 12-901 et seq. (Maryland Debt Management Services Act)