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2017 Maryland Code
Business Regulation
Title 7 - Collection Agencies
Subtitle 1 - Definitions; General Provisions
§ 7-101. Definitions
Universal Citation: MD Bus Reg Code § 7-101 (2017)
- (a) In general. -- In this title the following words have the meanings indicated.
- (b) Board. -- "Board" means the State Collection Agency Licensing Board.
- (c) Branch location. -- "Branch location" means any location other than the principal executive office of a licensee or license applicant at which a person does business as a collection agency or, on licensure, will do business as a collection agency, in the State or with a person in the State.
- (d) Collection agency. -- "Collection agency" means a person who engages directly or indirectly in the business of:
- (1)
- (i) collecting for, or soliciting from another, a consumer claim; or
- (ii) collecting a consumer claim the person owns, if the claim was in default when the person acquired it;
- (2) collecting a consumer claim the person owns, using a name or other artifice that indicates that another party is attempting to collect the consumer claim;
- (3) giving, selling, attempting to give or sell to another, or using, for collection of a consumer claim, a series or system of forms or letters that indicates directly or indirectly that a person other than the owner is asserting the consumer claim; or
- (4) employing the services of an individual or business to solicit or sell a collection system to be used for collection of a consumer claim.
- (1)
- (e) Commissioner. -- "Commissioner" means the Commissioner of Financial Regulation.
- (f) Consumer claim. -- "Consumer claim" means a claim that:
- (1) is for money owed or said to be owed by a resident of the State; and
- (2) arises from a transaction in which, for a family, household, or personal purpose, the resident sought or got credit, money, personal property, real property, or services.
- (g) Control person. --
- (1) "Control person" means a person who has the power, directly or indirectly, to direct the management or policies of a collection agency, whether through ownership of securities, by contract, or otherwise.
- (2) "Control person" includes a person who:
- (i) is a general partner, an officer, a director, or a member of a collection agency, or occupies a similar position or performs a similar function;
- (ii) directly or indirectly has the right to vote 10% or more of a class of voting securities, or has the power to sell or direct the sale of 10% or more of a class of voting securities of a collection agency; or
- (iii) in the case of a partnership, a limited partnership, a limited liability partnership, a limited liability company, or any other business entity:
- 1. has the right to receive on liquidation or dissolution of a collection agency 10% or more of the capital of the collection agency; or
- 2. has contributed 10% or more of the capital of a collection agency.
- (h) License. -- "License" means a license issued by the Board to do business as a collection agency.
- (i) Licensed collection agency. -- "Licensed collection agency" means a person who is licensed by the Board to do business as a collection agency.
- (j) NMLS. -- "NMLS" means a multistate uniform licensing system developed and maintained by the Conference of State Bank Supervisors, or by a subsidiary or an affiliate of the Conference of State Bank Supervisors, that may be used for the licensing of persons required to be licensed by the Board.
- (k) Unique identifier. -- "Unique identifier" means a number or another identifier assigned by NMLS.
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