Bill > H956

This bill requires providers of debt management services in the Commonwealth to obtain a license from the Commissioner of Banks. It establishes regulations for the licensing, supervision, and operations of these providers, including requirements for trust accounts, fee disclosures, and consumer protections. The bill also grants the Commissioner of Banks authority to investigate, suspend, or revoke licenses for violations of the law. Finally, the bill imposes penalties for unlicensed operation and provides consumers with a private right of action for violations.

Business and Industry

https://malegislature.gov/Bills/193/H956