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Statutes Text

Article - Financial Institutions


    (a)    (1)    Each license provided for through NMLS shall include the following information:

            (i)    The name of the licensee;

            (ii)    The address of the location at which the business is to be conducted; and

            (iii)    The unique identifier of the licensee.

        (2)    The unique identifier of the licensee shall constitute the license number for the license.

    (b)    A license authorizes the licensee to provide debt management services.

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

    (d)    Each licensee shall conspicuously post, in 48 point or larger type, at the licensee’s 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.

    (e)    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).

    (f)    Only one location may be maintained under any one license.

    (g)    A licensee is not required to post the information required in subsection (d) of this section if the licensee does not regularly grant access to the licensed location to members of the general public.

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