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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Cashing Services License This license is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in check cashing services, when check cashing services are provided at the principal executive office. Refer to Md. Code Ann., Fin. Inst. §11-201 et seq. for legal requirements.
Check Cashing Services Registration TThis registration is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in check cashing services if check cashing services are not provided at the principal executive office.
Collection Agency License This license is required for the executive office of any person (defined in Md. Code Ann., Bus. Reg. §1-101) doing business as a collection agency. Refer to Md. Code Ann., Bus. Reg. §7-101 et seq. for legal requirements.
Consumer Loan License This license is required for the executive office of any person (defined in Md. Code Ann., Fin. Inst. §11-201) making loans under Md. Code Ann., Com. Law, §12-301 et seq. (Maryland Consumer Loan Law). Refer to Md. Code Ann., Fin. Inst. §11-201 et seq. for legal requirements. (More Details) Notes: 1. A consumer loan licensee is exempt from installment loan licensing (see Md. Code Ann., Fin. Inst. §11-301 et seq.), which means that a consumer loan licensee may make loans other than mortgage loans under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) without an installment loan license. Refer to Md. Code Ann., Fin. Inst. §11-301(b)(5). However, a consumer loan licensee is prohibited from selling a loan account to any person who is not a consumer loan licensee, and any sale to an unlicensed person renders the loan account unenforceable. Refer to Md. Code Ann., Fin. Inst. §11-219. So while a consumer loan licensee is exempt from the installment loan licensing requirement, a consumer loan licensee’s activities under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) may be restricted based on the consumer loan licensing provisions. 2. Any bank, trust company, savings bank, credit union, sales and association is prohibited from holding a consumer loan license. Refer to Md. Code Ann., Fin. Inst. §11-202(b). However, other-state banks and other-state credit unions (defined in Md. Code Ann., Fin. Inst. §1-101) are not exempt from the installment loan licensing requirement. Refer to Md. Code Ann., Fin. Inst. §11-301(b).
Credit Services Business License This license is required for the executive office of any person (defined in Md. Code Ann., Com. Law §14-1901) acting as a credit services business (defined in Md. Code Ann., Com. Law §14-1901). Refer to Md. Code Ann., Com. Law §14-1903, and Fin. Inst. §§11-302 and 11-201 et seq. for legal requirements. Note: Based on the decision by the Court of Appeals of Maryland in Cashcall, Inc. v. Maryland Commissioner of Financial Regulation (139 A.3d 990 (2016)), this license requirement extends to a person that engages in assisting Maryland consumers to obtain small loans bearing annual interest rates that would be usurious under Maryland law, who immediately purchases the loans after their issuance and thereafter collects all payments due on the loans from the consumer. This licensing requirement exempts any person licensed to make loans under Maryland law (consumer loan license, installment loan license, or mortgage lender license) or United States law who is actively engaged in the business of making loans or other extensions of credit to Maryland residents.
Debt Management License This license is required for the principal executive office of a person (defined in Md. Code Ann., Fin. Inst. §1-101) providing debt management services (defined in Md. Code Ann., Fin. Inst. §12-901) to Maryland consumers. Refer to Md. Code Ann., Fin. Inst. §12-901 et seq. for legal requirements. (More Details)
Exempt Company Registration This registration is available for entities that are exempt from the mortgage lender licensing requirement, but who employ state-licensed mortgage loan originators. This registration is optional and is intended for entities who want to manage their mortgage loan originators in NMLS. Please consult the state regulator before applying for this registration. (More Details) (More Details)
Installment Loan License This license is required for the executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who makes loans or extensions of credit, other than mortgage loans, under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq.(Open-End Credit Grantor), or 12-1001 et seq. (Closed-End Credit Grantor). Refer to Md. Code Ann., Fin. Inst. §11-301 et seq. and Md. Code Ann., Com. Law §§12-103, 12-915, and 12-1015 for legal requirements. (More Details) Notes: 1. A consumer loan licensee is exempt from installment loan licensing (see Md. Code Ann., Fin. Inst. §11-301 et seq.), which means that a consumer loan licensee may make loans other than mortgage loans under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) without an installment loan license. Refer to Md. Code Ann., Fin. Inst. §11-301(b)(5). However, a consumer loan licensee is prohibited from selling a loan account to any person who is not a consumer loan licensee, and any sale to an unlicensed person renders the loan account unenforceable. Refer to Md. Code Ann., Fin. Inst. §11-219. So while a consumer loan licensee is exempt from the installment loan licensing requirement, a consumer loan licensee’s activities under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) may be restricted based on the consumer loan licensing provisions. An installment loan licensee is not subject to such restriction. 2. Any bank, trust company, savings bank, credit union, sales and association is exempt from the consumer loan license requirement. Refer to Md. Code Ann., Fin. Inst. §11-202(b). However, other-state banks and other-state credit unions (defined in Md. Code Ann., Fin. Inst. §1-101) are not exempt from the installment loan licensing requirement. Refer to Md. Code Ann., Fin. Inst. §11-301(b).
Money Transmitter License This license is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in the business of money transmission, unless the person is an authorized delegate who is authorized by a licensee to engage in the business of money transmission under the name of a licensee at any location other than the place of business specified in the license. Refer to Md. Code Ann., Fin. Inst. §12-401 et seq. for legal requirements. (More Details) (More Details)
Mortgage Lender License This license is required for any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages in the mortgage lending business (including the making or procuring of loans primarily for personal, family, or household use secured by a dwelling or residential real estate located outside of Maryland) as a lender, servicer, or broker. Refer to Md. Code Ann., Fin. Inst. §11-501 et seq. for legal requirements. (More Details) (More Details)
Sales Finance License This license is required for any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages, whether by purchase, discount, pledge, loan, or otherwise, in the business of acquiring, investing in, or lending money or credit on the security of any interest in (1) installment sale agreements made between other parties; (2) retail credit accounts (defined in Md. Code Ann., Com. Law §12-501), made between other parties; or (3)secured home improvement (defined in Md. Code Ann., Bus. Reg. § 8-101) transactions, made between other parties. Refer to Md. Ann. Code, Fin. Inst. §11-401 et seq., for legal requirements.
Branch Licenses Description Requirements Checklist
Check Cashing Services Branch License A separate license is required for each branch location or mobile unit from which a person (defined in Md. Code Ann., Fin. Inst. §1-101) provides check cashing services. Refer specifically to Md. Code Ann., Fin. Inst. §12-105(b), and generally to Md. Code Ann., Fin. Inst. §12-101 et seq.
Collection Agency Branch License A separate license is required for each branch location where a person does business as a collection agency. Refer specifically to Md. Code Ann., Bus. Reg. §7-302(c), and generally to Md. Code Ann., Bus. Reg. §7-101 et seq.
Consumer Loan Branch License A separate license is required for each branch location of any person (defined in Md. Code Ann., Fin. Inst. §2-101) making loans under Md. Code Ann., Com. Law, §12-301 et seq. (Maryland Consumer Loan Law). Refer specifically to Md. Code Ann., Fin. Inst. §11-203(b) and generally to Md. Code Ann., Fin. Inst. §11-201 et seq. for legal requirements. (More Details) Notes: 1. A consumer loan licensee is exempt from installment loan licensing (refer to Md. Code Ann., Fin. Inst. §11-301 et seq.), which means that a consumer loan licensee may make loans, other than mortgage loans, under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) without an installment loan license. Refer to Md. Code Ann., Fin. Inst. §11-301(b)(5). However, a consumer loan licensee is prohibited from selling a loan account to any person who is not a consumer loan licensee, and any sale to an unlicensed person renders the loan account unenforceable. Refer to Md. Code Ann., Fin. Inst. §11-219. So while a consumer loan licensee is exempt from the installment loan licensing requirement, a consumer loan licensee’s activities under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) may be restricted based on the consumer loan licensing provisions. 2. Any bank, trust company, savings bank, credit union, sales and association is prohibited from holding a consumer loan license. Refer to Md. Code Ann., Fin. Inst. §11-202(b). However, other-state banks and other-state credit unions (defined in Md. Code Ann., Fin. Inst. §1-101) are not exempt from the installment loan licensing requirement. Refer to Md. Code Ann., Fin. Inst. §11-301(b).
Credit Services Business Branch License A separate license is required for each branch location of any person (defined in Md. Code Ann., Com. Law §14-1901) acting as a credit services business (defined in Md. Code Ann., Com. Law §14-1901). Refer specifically to Md. Code Ann., Fin. Inst. §11-203.1(b) and generally to Md. Code Ann., Com. Law §14-1903, and Fin. Inst. §§11-302 and 11-201 et seq. for legal requirements. Note: Based on the decision by the Court of Appeals of Maryland in Cashcall, Inc. v. Maryland Commissioner of Financial Regulation (139 A.3d 990 (2016)), this license requirement extends to a person that engages in assisting Maryland consumers to obtain small loans bearing annual interest rates that would be usurious under Maryland law, who immediately purchases the loans after their issuance and thereafter collects all payments due on the loans from the consumer. This licensing requirement exempts any person licensed to make loans under Maryland law (consumer loan license, installment loan license, or mortgage lender license) or United States law who is actively engaged in the business (emphasis added) of making loans or other extensions of credit to Maryland residents.
Debt Management Branch License A separate license is required for each branch location of any person providing debt management services (defined in Md. Code Ann., Fin. Inst. §12-901) to Maryland consumers. Refer specifically to Md. Code Ann., Fin. Inst. §12-906(b) and generally to Md. Code Ann., Fin. Inst. §12-901 et seq.
Exempt Branch Registration This registration is available for any branch of entities that are exempt from the mortgage lender licensing requirement, but who employ state-licensed mortgage loan originators. This registration is optional and is intended for entities who want to manage their mortgage loan originators in NMLS. Please consult the state regulator before applying for this registration. (More Details) (More Details)
Installment Loan Branch License A separate license is required for each branch location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who makes loans or extensions of credit, other than mortgage loans, under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq.(Open-End Credit Grantor), or 12-1001 et seq. (Closed-End Credit Grantor). Refer specifically to Md. Code Ann., Fin. Inst. §11-203.1(b) and generally to Md. Code Ann., Fin. Inst. §11-301 et seq. and Md. Code Ann., Com. Law §§12-103, 12-915, and 12-1015 for legal requirements. (More Details) Notes: 1. A consumer loan licensee is exempt from installment loan licensing (see Md. Code Ann., Fin. Inst. §11-301 et seq.), which means that a consumer loan licensee may make loans other than mortgage loans under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) without an installment loan license. Refer to Md. Code Ann., Fin. Inst. §11-301(b)(5). However, a consumer loan licensee is prohibited from selling a loan account to any person who is not a consumer loan licensee, and any sale to an unlicensed person renders the loan account unenforceable. Refer to Md. Code Ann., Fin. Inst. §11-219. So while a consumer loan licensee is exempt from the installment loan licensing requirement, a consumer loan licensee’s activities under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) may be restricted based on the consumer loan licensing provisions. 2. Any bank, trust company, savings bank, credit union, sales and association is prohibited from obtaining a consumer loan license. Refer to Md. Code Ann., Fin. Inst. §11-202(b). However, other-state banks and other-state credit unions (defined in Md. Code Ann., Fin. Inst. §1-101) are not exempt from the installment loan licensing requirement. Refer to Md. Code Ann., Fin. Inst. §11-301(b).
Money Transmitter Branch License A separate license is required for each location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in the business of money transmission, unless the person is an authorized delegate who is authorized by a licensee to engage in the business of money transmission under the name of a licensee at any location other than the place of business specified in the license. Refer specifically to Md. Code Ann., Fin. Inst. §11-505(b) and generally to Md. Code Ann., Fin. Inst. §12-401 et seq. for legal requirements. (More Details) (More Details)
Mortgage Lender License (Branch) A separate license is required for each location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages in the mortgage lending business (including the making or procuring of loans primarily for personal, family, or household use secured by a dwelling or residential real estate located outside of Maryland) as a lender, servicer, or broker. Refer specifically to Md. Code Ann., Fin. Inst. §11-505(b) and generally to Md. Code Ann., Fin. Inst. §11-501 et seq. for legal requirements. (More Details) (More Details)
Sales Finance Branch License A separate license is required for each branch location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages, whether by purchase, discount, pledge, loan, or otherwise, in the business of acquiring, investing in, or lending money or credit on the security of any interest in (1) installment sale agreements made between other parties; (2) retail credit accounts (defined in CL §12-501), made between other parties; or (3)secured home improvement (defined in BR § 8-101) transactions, made between other parties. Refer specifically to Md. Code Ann., Fin. Inst. §11-403(b) and generally to Md. Ann. Code, Fin. Inst. §11-401 et seq., for legal requirements. (More Details)
Individual Licenses Description Requirements Checklist
Affiliated Insurance Producer-Mortgage Loan Originator License An individual is eligible for this license if the individual: 1) originates mortgage loans only on behalf of a financial institution that is described in Md. Code Ann., Fin. Inst. Art. § 11-502(b)(1) that is approved by the Commissioner; 2) is a licensed insurance producer in good standing; and 3) holds an appointment as an insurance producer for an insurer that controls, is controlled by, or is under common control with either the financial institution described above or a mortgage lender licensee that is approved by the Commissioner and only originates loans for the financial institution described in Md. Code Ann., Fin. Inst. Art. § 11-502(b)(1) under an exclusive contract with that financial institution. (More Details)
Mortgage Loan Originator License This license is required for an individual who for compensation or gain, or in the expectation of compensation or gain, takes a loan application or offers or negotiates the terms of a mortgage loan. (More Details)
 

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