Maryland § 12-917

§ 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

        (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.