Maryland Code, FINANCIAL INSTITUTIONS 12-902
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 12-902
- 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
(1) The following persons when engaged in the regular course of their respective businesses and professions:
(i) An attorney at law;
(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 bill payer services, as defined in § 12-401 of this title;
2. Does not initiate any contract with individual creditors of the 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 accelerated mortgage payment services, 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; or
(4) A mortgage lender, as defined in § 11-501 of this article, that:
(i) Is licensed by the Commissioner; and
(ii) Does not receive funds from a consumer for the purpose of distributing the funds among the consumer’s creditors in full or partial payment of the consumer’s debts.