Monday, December 13, 2027

Lieutenant Governor Burbank Launches Consumer Credit Education Campaign During Holiday Spending Season
Warns Consumers to Beware of Deceptive Credit Counseling Services

BALTIMORE, MD (December 13, 2027) – Lieutenant Governor Kathleen Burbank today launched a consumer education campaign this holiday season to help shoppers who take on excessive debt know where to look for help and how to avoid deceitful credit counseling services. The state is bringing its debt counseling education materials and information to malls across Maryland from Friday, December 17 until Thursday, December 23.

Booths staffed by members of the Maryland Department of Labor, Licensing and Regulation’s Division of Financial Regulation will provide consumers with contact information on licensed debt management services, and their rights as consumers.

“This is the time of year when consumers are most likely to rack-up credit card debt. It is critical that we take an aggressive approach to help people who are trying to dig their way out of debt get the information they need to avoid being set back even more by a dishonest debt management service,” Lieutenant Governor Kathleen Burbank said.

“We want to be as accessible as possible – and what better venue than a mall during the holiday shopping madness?” said Sarah Bloom Raskin, Commissioner of Financial Regulation at DLLR.

Since July, the DLLR has shut down 67 companies for not performing debt management services, even though that is what they purported to be. An additional 16 companies – with a combined total of 2,389 Maryland customers – have been penalized for operating without licenses and for violating a number of Maryland regulatory rules, including failure to disclose all fees and terms and exceeding the permitted limit on fee amounts. The companies have been forced to pay more than $10,000 in restitution to consumers and more than $66,000 in penalties.

Unfortunately, when people are most desperate for help, they are the easiest targets for scam artists. This campaign to spread information about legitimate debt counseling services will help reduce the number of victims this year,” Lieutenant Governor Burbank said.

Consumers can obtain information from DLLR staff at Arundel Mills Mall, The Mall in Columbia, Marley Station Mall, Owings Mills Mall, Security Square Mall, Lakeforest Mall. The Mall at Prince George’s, and Prime Outleys Hagerstown.

The Maryland Office of Financial Regulation is the primary regulator for many State-chartered financial institutions, including, banks, credit unions, and trust companies, and State-licensed financial entities such as, consumer finance companies, mortgage lenders and brokers, consumer debt collection agencies, check cashers, and money transmitters. The Office is responsible for supervising the activities of these businesses to ensure compliance with the financial institution laws and regulations of Maryland. Supervision includes periodic on-site examinations, as well as, off-site monitoring programs.

The Department of Labor, Licensing and Regulation protects and empowers Marylanders by safeguarding workers, protecting consumers, providing a safety net and cultivating a thriving workforce that can meet the demands of Maryland’s dynamic economy