§ 12-917
146 words·~1 min read·
/md/financial-institutions/12-917·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–917.
(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
(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.