§12-301.__Funds held in separate bank account

The debt management service shall deposit all funds received from or on behalf of a consumer for payment to a creditor in trust for the benefit of the consumer in a bank account that is separate from any operating accounts of the debt management service.__Such separate bank account may be maintained outside the State as long as the account is with a federally chartered financial institution or national bank and is available to the administrator for audit and examination purposes.__The debt management service shall deposit all funds remitted by a consumer for payment to a creditor into such separate bank account within 2 business days of receipt by the debt management service, and the debt management service shall remit such funds to the consumer's creditor within 15 business days of receipt of the funds.

§12-302.__Requirement for written agreement

A debt management service may not perform debt management services for a consumer unless the consumer and the debt management service have executed a written agreement with regard to the debt management services to be provided.__Each agreement between a consumer and a debt management service must be in writing, dated and signed by the consumer and must include the following:

1.__The name and address of the consumer and the debt management service, and the state registration number of the debt management service;

2.__A full description of the services to be performed for the consumer, any fees charged to the consumer for such services and any contributions the consumer has agreed to make to the debt management service;

3.__The existence of the surety bond on file with the State, and the procedure for instituting an action against that bond;

4.__The identification of the financial institution and account where funds remitted by a consumer for payment to a creditor are held;

5.__The right of a party to cancel the agreement by providing a written notice of__cancellation to the other party;