Bill > H1073

This bill proposes to establish a new chapter, Chapter 255G, to regulate the licensing and supervision of debt management services in the Commonwealth. The key provisions are: - Requiring providers of debt management services, other than certain exempt entities, to obtain a license from the Commissioner of Banks before engaging in or advertising for such services in the Commonwealth. - Establishing application, financial responsibility, and other requirements for obtaining and maintaining a license. - Authorizing the Commissioner to examine licensees' books and records, suspend or revoke licenses for violations, and impose fines up to $5,000 per violation. - Prohibiting certain practices by licensees, such as taking a power of attorney to settle debts, making misleading representations, and commingling consumer funds with their own. - Requiring licensees to provide consumers with detailed account statements and disclosures about the debt management services. - Allowing consumers to terminate agreements without penalty and establishing requirements for licensees to refund fees upon termination. - Establishing criminal penalties for violations of the licensing requirement.

Business and Industry

https://malegislature.gov/Bills/191/H1073