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Statutes Text

Article - Financial Institutions


    (a)    (1)    A licensee may surrender a license through NMLS in accordance with the process that the Commissioner requires.

        (2)    With the surrender of a license, a licensee shall provide:

            (i)    The reason for the license surrender;

            (ii)    For each consumer for whom the licensee is providing debt management services, the following information:

                1.    The name of the consumer;

                2.    The total amount of funds held by the licensee for distribution to the consumer’s creditors; and

                3.    The name of each creditor of the consumer that is receiving payments from the licensee for debts owed by the consumer to the creditor, and the outstanding balance owed to each creditor.

    (b)    The surrender of a license does not:

        (1)    Affect any administrative, civil, or criminal liability of the licensee for acts committed before the license is surrendered;

        (2)    Affect the surety bond required under § 12–914 of this subtitle; or

        (3)    Entitle the licensee to the return of any fee paid to the Commissioner under § 12–904 of this subtitle.

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