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Debt Settlement Services Provider - Financial Regulation

A Debt Settlement Service business offers services or programs that are represented directly, or by implication, to renegotiate, settle, reduce or alter in any way the terms of payment of a debt owed by a consumer.


 



Featured Information

Required: Information on Business Activities

IMPORTANT UPDATE JUNE 1, 2016

Senate Bill 741/House Bill 1022, the Maryland Debt Settlement Services Act (the Act), was passed by the General Assembly of Maryland in the 2011 legislative session and signed into law as Chapter 281 by the Governor in May, 2011. The Act was set to expire or “sunset” on June 30, 2016. The General Assembly of Maryland, in the 2016 legislative session, repealed the “sunset” provision via Senate Bill 471/House Bill 1450 and it was signed into law by the Governor. As a result, all debt settlement services providers must continue to be registered. In addition, on or before March 15th of every year, each debt settlement services provider that is registered with the Commissioner shall report on the debt settlement services business that the registrant conducted in Maryland during the preceding calendar year on a form prescribed by the Commissioner.
Maryland Debt Settlement Services Providers Registration Advisory - June 9, 2016


Laws and Rules

Applicants and licensees are expected to be knowledgeable about and in compliance with the Debt Settlement 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 § 12-1001 et seq. (Maryland Debt Settlement Services Act)
Maryland Code Annotated, Commercial Law § 13-301 et seq. (Unfair or Deceptive Trade Practice)