Maryland Statutes
Subtitle 9 - Maryland Debt Management Services Act
Section 12-917 - Trust Account

(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.

Structure Maryland Statutes