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Maryland Code, Financial Institutions § 12-911

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Information in NMLS associated with a license approved by the Commissioner under this subtitle shall include the following:

(1) The licensee's legal name and any trade name used by the licensee in accordance with § 2-121 of this article;

(2) The address of the licensee's principal executive office; and

(3) The address of each additional location, if any, where the licensee does business and that:

(i) The general public may reasonably view as a location that does business as a debt management services provider, including any location that investigates customer complaints or directly communicates with customers verbally, electronically, or in writing;

(ii) Houses any core operational infrastructure or technology systems;

(iii) Conducts any core management, information security and technology, risk and compliance, or finance functions; or

(iv) Is otherwise required to be listed in NMLS by regulation the Commissioner adopts under this subtitle.

(b) A licensee shall maintain and update the information in NMLS associated with the licensee's license to reflect accurately at all times the information required by subsection (a) of this section.

(c) The unique identifier assigned by NMLS to a licensee shall constitute the licensee's license number.

(d) A license authorizes the licensee to do business under the license at any licensed location and under any licensed name, or as otherwise authorized by the Commissioner through regulation.

(e) A license may not be transferred, assigned, or pledged.

(f) Each licensee shall conspicuously post, in 48 point or larger type, at each licensed location the following information:

(1) The licensee's unique identifier; and

(2) A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee.

(g) Each licensee shall conspicuously display the following information on the licensee's website, any software application accessible to the public and used to provide debt management services, and profile page within each social media platform the licensee uses:

(1) The licensee's unique identifier;

(2) A link to the NMLS Consumer Access website; and

(3) A notice stating, “The Commissioner of Financial Regulation for the State of Maryland will accept any questions and complaints from Maryland residents regarding (name and unique identifier of the debt management services provider) at (address of Commissioner), phone (toll-free number of the Commissioner)”.

(h) A licensee is not required to post the information required in subsection (f) of this section at a licensed location if the licensee does not regularly grant access to that licensed location to members of the general public.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 12-911 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-12-911/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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