How do I file a complaint?
A Maryland resident may file a
complaint simply by writing a letter. Send your letter
to the Commissioner of Financial Regulation, Attention
Complaint Unit, 500 North Calvert Street, Suite 402, Baltimore,
Maryland 21202. Attach copies of any supporting documents
to assist in the complaint investigation
To ensure your concerns are fully addressed:
- Limit your complaint to one page.
- State only the facts.
- Include your account number, the respondent or your own name and address and your daytime phone number.
Indicate an acceptable resolution for your complaint.
What should I do if I am a victim of identity theft?
Identity theft is the illegal process of stealing an individual’s personal identifiable information such as a social security number and incurring debt in the victim’s name. If you are a victim of identity
theft:
- Request copies of your
credit report from Experian, Equifax and TransUnion,
the larger credit reporting agencies and dispute any
inaccuracies
- Contact the creditors to close the unauthorized accounts, change passwords or restrict access to the accounts
- Place fraud alerts and a victim’s statement on each of your credit files maintained with the major credit reporting
agencies
- Request that the credit reporting agencies remove any inquiries referencing the fraudulent accounts
- File a report with your local police department
- File a complaint with the
Federal Trade Commission
- File a complaint with the Commissioner of Financial Regulation
What is predatory lending? What assistance does the Commissioner of Financial Regulation provide for victims of predatory lending?
Predatory lending involves originating loans by deceiving the consumer on the benefits, the cost or the terms of the loan. You may file a complaint
with the Commissioner of Financial Regulation if you believe that you are a victim of predatory lending.
Are prepayment penalties illegal in Maryland?
Not exactly. Prepayment penalties may be permissible under certain Maryland law and are subject to certain limitations. However, many Maryland laws do not permit prepayment penalties. The language in the contract governs and must be reviewed carefully. A prepayment penalty may be allowed depending on the contract.
What is a credit score? What factors influence my credit score?
Credit scoring is a tool creditors use to help determine to whom they will extend credit. A credit score is the total number of points awarded to each consumer based on specific factors. Creditors use many different formulas to create various credit scores. Depending on the formula used, points are assessed for many characteristics such as bill paying history, the number and type of accounts opened, late payments, collections accounts, age of accounts and bankruptcies.
You can improve your credit score by practicing creditworthy behaviors. Good creditworthy behavior includes being an informed consumer, paying bills when due and avoiding excessive credit.
What are the prerequisites to obtain:
Sales Finance License
Check Casher License
Consumer Loan License
Installment Loan License
Mortgage Lender License
Collection Agency License
The licensing requirements and fees vary for each category. Refer to the Annotated Code of Maryland, Financial Institutions Article, Title 11 for complete text of the law and the requirements. You may visit the
Maryland General Assembly web site
for the complete text.
For further information, contact:
Commissioner of Financial Regulation
500 North Calvert Street, Suite 402
Baltimore, Maryland 21202
(410) 230-6100
|
