2015 Maryland Code
FINANCIAL INSTITUTIONS
Title 12 - MISCELLANEOUS INSTITUTIONS AND ACTIVITIES
Subtitle 10 - MARYLAND DEBT SETTLEMENT SERVICES ACT
§ 12-1014 - Surety bond [Subtitle subject to abrogation]

MD Fin Inst Code § 12-1014 (2015) What's This?

(a) Filing of bond. -- A registrant that establishes a dedicated account in accordance with § 12-1010(d) of this subtitle shall file a surety bond with the Commissioner at the time the dedicated account is established.

(b) Requirements of bond. -- A surety bond filed under this section shall:

(1) Run to the Commissioner for the benefit of any consumer who is injured by a violation of this subtitle committed by a registrant;

(2) Be in the amount of $ 50,000;

(3) Be issued by a bonding, surety, or insurance company that is authorized to do business in the State; and

(4) Be conditioned so that the registrant shall comply with all State and federal laws and regulations governing the business of providing debt settlement services.

(c) Increase in amount. -- If the amount of the surety bond initially filed with the Commissioner must be increased to meet the minimum requirements under subsection (b)(2) of this section, the registrant shall file with the Commissioner evidence of the increased bond amount in a form satisfactory to the Commissioner.

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