Md. Code, Financial Institutions § 12-917
This is the official text of Md. Code, Financial Institutions § 12-917, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§12–917.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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