Maryland § 12-1002
Full text of Maryland Maryland Code § 12-1002, with citation guidance and answers to common questions.
§ 12-1002.
(a) Subject to subsection (b) of this section, the provisions of this subtitle are in addition to and not in substitution for any other provision of law.
(b) A person who periodically receives funds from consumers to be used in connection with providing debt settlement services is not engaged in providing debt management services, and is not subject to Subtitle 9 of this title, if the person:
(1) Complies with the requirements of this subtitle;
(2) (i) Negotiates to settle a consumer’s debts by reducing the principal amount of the debts owed; and
(ii) Makes no more than six settlement payments for each debt; and
(3) Establishes a dedicated account that:
(i) Is separate from any trust account established by the person under § 12–917 of this title; and
(ii) Is not established solely for the purpose of holding consumer funds to be disbursed to the debt settlement services provider for fees.
Frequently Asked Questions About Maryland § 12-1002
What does Maryland Code § 12-1002 cover?
Section 12-1002 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-1002?
A common citation format is "Maryland Code § 12-1002" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-1002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.