§ 10-215

Maryland § 10-215

• Jurisdiction: Maryland
• Article gin: Insurance
• Title: 10

Text

(a) An agreement between an adviser and another person that relates to the giving of advice or information of the type given by advisers is not enforceable by or for the adviser unless:

(1) the agreement is in writing;

(2) the agreement is executed personally in duplicate by the person to be charged or by the legal representative of the person;

(3) a duplicate of the agreement is delivered to and kept by the person when it is signed by that person;

(4) the agreement plainly states the amount of the fee paid or to be paid by the person and the services to be performed by the adviser; and

(5) the agreement is in the form that the Commissioner currently approves.

(b) (1) All forms of statements, receipts, and agreements used by licensees must be filed with and approved by the Commissioner as:

(i) conforming to the requirements of this section;

(ii) not inconsistent with law; and

(iii) not misleading in any way.

(2) The Commissioner may disapprove a form if the Commissioner finds that the form:

(i) contains any provision or any title, heading, backing, or other indication of its contents that is likely to be misleading; or

(ii) omits any provision that the Commissioner requires to make the form clear and not misleading.