Maryland Code, FINANCIAL INSTITUTIONS 12-1003
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 12-1003
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) The following persons when engaged in the regular course of their respective businesses and professions:
(i) An attorney at law who is admitted to the Maryland Bar while the attorney at law is providing professional legal services in an attorney-client relationship;
(ii) An escrow agent;
(iii) A certified public accountant;
(iv) A banking institution, other-state bank, national banking association, credit union, or savings and loan association;
(v) A person that:
1. Provides a bill payer service, as defined in § 12-401 of this title;
2. Does not initiate any contract with individual creditors of a debtor to compromise a debt or arrange a new payment schedule; and
3. Does not provide any debt counseling services;
(vi) A person that provides an accelerated mortgage payment service, as defined in § 12-401 of this title;
(vii) A title insurer, title insurance agency, or abstract company; or
(viii) A judicial officer or a person acting under a court order;
(2) A person while performing services incidental to the dissolution, winding up, or liquidation of a partnership, corporation, or other business enterprise;
(3) A trade or mercantile association acting in the course of arranging the adjustment of debts with a business establishment;
(4) (i) A mortgage lender, as defined in § 11-501 of this article:
1. That is licensed by the Commissioner; and
2. While engaged in the mortgage lending business, as defined in § 11-501 of this article; or
(ii) An employee of a mortgage lender; or
(5) A collection agency, as defined in § 7-101 of the Business Regulation Article:
(i) That is licensed by the State Collection Agency Licensing Board; and
(ii) While engaged in the collection agency business, as defined in § 7-101 of the Business Regulation Article.