Section 12-917 - Trust account. - Maryland Statutes

§ 12-917. Trust account.
 

(a)  In general.- 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)  Requirements.- 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)  Commingling prohibited.- A licensee may not commingle any trust account established for the benefit of consumers with any operating accounts of the licensee. 
 

[2003, chs. 374, 375.]