Debt Settlement Services Providers - Financial Regulation
Last reviewed or updated: October 1, 2021
A Debt Settlement Services provider offers services or programs that are represented directly, or by implication, to renegotiate, settle, reduce or alter in any way the terms of payment or other terms of a debt owed between a consumer and one or more unsecured creditors or debt collectors, including a reduction in the balance, interest rate, or fees owed by a consumer to an unsecured creditor or debt collector.
This registration is required for any person providing debt settlement services to a consumer residing in Maryland. See Md. Code Ann., Fin. Inst. §12-1001 et seq. for more information. For more detailed information on this registration type please proceed to the NMLS Resource Center.
Registration Requirements and Fees
Additional Information and Documents
- Instructions for Debt Settlement Services Provider Annual Report – Please read these instructions prior to entering data into the Debt Settlement Services Provider Annual Report.
- Debt Settlement Services Provider Annual Report Template (Excel) – DUE ANNUALLY ON OR BEFORE MARCH 15th; this report is mandated by statute and shall be filed with the Office of the Commissioner of Financial Regulation.
Laws, Rules, and Regulations
Applicants and licensees are expected to be knowledgeable about and in compliance with the Maryland Debt Settlement Services Act, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):
- Maryland Code, Commercial Law Article, Title 13 (Maryland Consumer Protection Act)
- Maryland Code, Financial Institutions Article, Title 12, Subtitle 10 (Maryland Debt Settlement Services Act)