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.
- Maryland Debt Settlement Services Provider Registration Description (Word)
- Maryland Debt Settlement Services Provider New Registration Checklist (Word)
- Maryland Debt Settlement Services Provider Renewal Registration Checklist (Word)
- Registered Debt Settlement Services Providers
- Print a Copy of Your License
- Application and Licensing Fees
- Maryland Debt Settlement Services Provider New & Renewal Registration Form (Word)
- MD Debt Settlement Services Providers Surety Bond Form (Word)
- Instructions for Debt Settlement Services Provider Annual Report
Please read all of the instructions prior to entering data into the Debt Settlement Services Provider Annual Report.
- Debt Settlement Services Provider Annual Report (Excel) - DUE ON OR BEFORE MARCH 15th (Report of Maryland Debt Settlement Services for Previous Calendar Year Required to be Filed with the Office of the Commissioner of Financial Regulation)
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 The General Assembly of Maryland, in the 2016 legislative session, repealed the “sunset” provision via Senate Bill 471/House Bill 1450 and it was signed into law by the Governor.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 Annotated Code of Maryland and Rules 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)