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WES MOORE, Governor Ch. 514
Chapter 514
(House Bill 1355)
AN ACT concerning
Financial Institutions – Payment Stablecoin Services – Establishment and
Regulation
(Maryland Stablecoin Act)
FOR the purpose of altering the examination fee for a new commercial bank charter;
requiring a certain nondepository trust company to include certain disclosures in its
articles of incorporation; exempting from certain provisions of law a certain
nondepository trust company authorized to provide certain services by the
Commissioner of Financial Regulation; authorizing a certain nondepository trust
company to request that the Commissioner reduce the capital stock requirements
under certain circumstances; establishing a regulatory and legal framework for
entities in the State to serve as State issuers of stablecoin–related services or as
payment stablecoin services institutions; and generally relating to payment
stablecoin services in the State.
BY repealing and reenacting, with amendments,
Article – Financial Institutions
Section 2–105.1(c)(1), 2–108(a)(1), 2–113(d), 3–101, 3–102, 3–202, 3–206, 3–207,
3–209, 3–211.1(b), 5–203(c), 6–101, and 6–312
Annotated Code of Maryland
(2020 Replacement Volume and 2025 Supplement)
BY adding to
Article – Financial Institutions
Section 14–101 through 14–603 to be under the new title “Title 14. Maryland
Stablecoin Act”
Annotated Code of Maryland
(2020 Replacement Volume and 2025 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That the Laws of Maryland read as follows:
Article – Financial Institutions
2–105.1.
(c) (1) The Commissioner may participate in NMLS for:
(i) Collection agencies;
(ii) Debt management services providers;
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Ch. 514 2026 LAWS OF MARYLAND
(iii) Mortgage lenders;
(iv) Mortgage originators;
(v) Persons who engage in money transmission;
(vi) Persons who are required to be licensed under Title 11, Subtitle
2 of this article;
(vii) Persons who are required to be licensed under Title 11, Subtitle
3 of this article;
(viii) Persons who are required to be licensed under Title 12, Subtitle
1 of this article;
(ix) Persons who are required to be licensed under Title 14, Subtitle
19 of the Commercial Law Article;
(x) Sales finance companies; [and]
(xi) Consumer reporting agencies; AND
(XII) PERSONS WHO ENGAGE IN BUSINESS UNDER TITLE 14 OF
THIS ARTICLE.
2–108.
(a) The Commissioner shall charge and collect, in advance, the following
nonrefundable fees:
(1) An examination fee for a new commercial bank charter under § 3–203
of this article..................................................................................................[$15,000] $7,000
2–113.
(d) Except as provided in §§ 2–113.1 and 2–117 of this subtitle AND § 14–601 OF
THIS ARTICLE, the provisions of §§ 2–114 through 2–117, inclusive, of this subtitle do not
apply to:
(1) Any bank, trust company, savings bank, savings and loan association,
or credit union incorporated or chartered under the laws of this State or the United States
that maintains its principal office in this State;
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WES MOORE, Governor Ch. 514
(2) Any out–of–state bank, as defined in § 5–1001 of this article, having a
branch that accepts deposits in this State;
(3) Any institution incorporated under federal law as a savings association
or savings bank that does not maintain its principal office in this State but has a branch
that accepts deposits in this State; or
(4) An affiliate of an institution described in item (1), (2), or (3) of this
subsection over which the Commissioner has no jurisdiction.
3–101.
(a) In this title the following words have the meanings indicated.
(b) “Capital stock” includes both common and preferred stock of a commercial
bank.
(c) “Debt instrument” means any capital note, debenture, bond, or certificate of
beneficial interest issued by a commercial bank.
(d) “Inhabitants” means the population of a municipal area, as determined by the
latest federal or State census.
(e) “Nondepository trust company” means a trust company that is not insured by
the Federal Deposit Insurance Corporation.
(F) “PAYMENT STABLECOIN–RELATED SERVICES” HAS THE MEANING
STATED IN § 14–101 OF THIS ARTICLE.
(G) “PAYMENT STABLECOIN SERVICES INSTITUTION” HAS THE MEANING
STATED IN § 14–101 OF THIS ARTICLE.
(H) “PERMITTED PAYMENT STABLECOIN ISSUER” HAS THE MEANING
STATED IN § 14–101 OF THIS ARTICLE.
[(f)] (I) “State bank” means an institution that is incorporated under the laws
of this State as a bank.
(J) “STATE ISSUER” HAS THE MEANING STATED IN § 14–101 OF THIS
ARTICLE.
[(g)] (K) “Trust company” means an institution that is incorporated under the
laws of this State as a trust company.
3–102.
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Ch. 514 2026 LAWS OF MARYLAND
(A) [Every] EXCEPT AS PROVIDED IN SUBSECTIONS (B) AND (C) OF THIS
SECTION, EVERY trust company has the powers granted by, and is subject to, the
provisions of this article that relate to trust companies. [However, except]
(B) EXCEPT as provided in § 3–209(b) of this title as to the establishment of
branches, the provisions of this article do not repeal, modify, or affect any special right,
privilege, or power given by charter to a trust company that was organized and doing
business before April 8, 1910.
(C) IN ACCORDANCE WITH TITLE 14 OF THIS ARTICLE, THE COMMISSIONER
SHALL GRANT A NONDEPOSITORY TRUST COMPANY THE POWER TO ENGAGE IN
BUSINESS UNDER TITLE 14 OF THIS ARTICLE.
3–202.
(a) The incorporators shall sign and acknowledge two copies of articles of
incorporation.
(b) The articles of incorporation shall include:
(1) The name and address of each incorporator;
(2) A statement that:
(i) Each incorporator is at least 18 years old;
(ii) Each incorporator is a citizen of the United States; and
(iii) At least one of the incorporators is a citizen of this State;
(3) A statement that the incorporators are associating to form a State bank
or a trust company under this subtitle;
(4) The name of the State bank or trust company, which may not be similar
in any material respect to the name of any other bank or trust company in this State;
(5) The municipal area and county where the principal banking office of
the State bank or trust company is to be located;
(6) The number of directors and the names and residence addresses of
those who will serve as directors until their successors are elected and qualify; [and]
(7) As to its capital stock:
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WES MOORE, Governor Ch. 514
(i) The total number of shares that the State bank or trust company
has authority to issue;
(ii) The par value of the shares, which may not be less than $10 a
share; and
(iii) The total par value of all shares; AND
(8) FOR A NONDEPOSITORY TRUST COMPANY THAT INTENDS TO SEEK
THE COMMISSIONER’S AUTHORIZATION TO ENGAGE IN BUSINESS UNDER TITLE 14
OF THIS ARTICLE:
(I) A DISCLOSURE THAT THE NONDEPOSITORY TRUST
COMPANY WILL SEEK THE REQUIRED AUTHORIZATION FROM THE COMMISSIONER;
AND
(II) ANY ADDITIONAL INFORMATION REQUESTED BY THE
COMMISSIONER OR REQUIRED UNDER TITLE 14 OF THIS ARTICLE.
(c) The articles of incorporation may include:
(1) Any provision that requires for any purpose the concurrence of a greater
proportion of the votes of all classes or of any class of capital stock than the proportion
required by this article for that purpose; and
(2) Any provision that defines, limits, or denies the preemptive rights of
stockholders to acquire additional stock of the State bank or trust company.
3–206.
(a) Except as otherwise provided in this article, a commercial bank has all of the
general powers granted to Maryland corporations under the Maryland General Corporation
Law.
(b) In addition to the powers set forth elsewhere in this article, a commercial bank
may:
(1) Receive deposits of money on which interest may be paid;
(2) Buy and sell coin and bullion;
(3) Buy and sell foreign and domestic exchange;
(4) Subject to § 3–604 of this title, accept drafts drawn on it;
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Ch. 514 2026 LAWS OF MARYLAND
(5) Issue letters of credit that authorize the holder to draw drafts on it or
on its correspondents payable at sight or at a time not exceeding 1 year;
(6) Issue its debt instruments for money that is borrowed or received on
deposit or for investment;
(7) Lend money on personal security or on real or personal property;
(8) Subject to § 3–605 of this title, become owner and lessor of personal
property;
(9) Subject to § 5–503 of this article, buy, hold, lease, and convey real
property;
(10) Pledge collateral to secure deposits of:
(i) The federal government or its agencies; or
(ii) Any state or its political subdivisions;
(11) Pledge securities to secure the money of an estate administered under
the federal bankruptcy laws;
(12) Without being deemed a branch of a depository institution affiliate, act
in accordance with § 101(d) of the Riegle–Neal Interstate Banking and Branching
Efficiency Act of 1994, as agent of any depository institution affiliate in:
(i) Receiving deposits;
(ii) Renewing time deposits;
(iii) Closing loans;
(iv) Servicing loans; or
(v) Receiving payments on loans and other obligations; and
(13) Exercise all of the powers usual in carrying on a banking business.
(C) (1) IN THIS SUBSECTION, “APPROPRIATE FEDERAL BANKING
AGENCY” HAS THE MEANING STATED IN THE FEDERAL DEPOSIT INSURANCE ACT.
(2) THIS SUBSECTION DOES NOT APPLY TO A NONDEPOSITORY TRUST
COMPANY AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH TITLE 14 OF
THIS ARTICLE TO ENGAGE IN BUSINESS AS:
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WES MOORE, Governor Ch. 514
(I) A STATE ISSUER; OR
(II) A PAYMENT STABLECOIN SERVICES INSTITUTION.
(3) A COMMERCIAL BANK SHALL NOTIFY THE COMMISSIONER IN
ACCORDANCE WITH THE PROCESS ESTABLISHED BY THE COMMISSIONER IN
REGULATION PRIOR TO:
(I) SEEKING AUTHORIZATION FROM THE APPROPRIATE
FEDERAL BANKING AGENCY TO BECOME A PERMITTED PAYMENT STABLECOIN
ISSUER; OR
(II) PROVIDING PAYMENT STABLECOIN–RELATED SERVICES
PERMITTED BY APPLICABLE STATE AND FEDERAL LAW.
3–207.
(A) THIS SECTION DOES NOT APPLY TO A NONDEPOSITORY TRUST COMPANY
AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH TITLE 14 OF THIS
ARTICLE TO ENGAGE IN BUSINESS AS:
(1) A STATE ISSUER; OR
(2) A PAYMENT STABLECOIN SERVICES INSTITUTION.
(B) In addition to the powers set forth elsewhere in this article, a trust company
may:
(1) Receive deposits of money, securities, and other personal property from
any person;
(2) Act as the agent of any foreign or Maryland corporation for any lawful
purpose;
(3) Act as the fiscal or transfer agent of any state, any political subdivision
of any state, or any corporation;
(4) Accept and execute any trust and any powers that are conferred on or
entrusted to it in any manner, including any grant, assignment, transfer, devise, or bequest
by any person or by order of a court;
(5) Accept and hold trust property;
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Ch. 514 2026 LAWS OF MARYLAND
(6) Act as trustee under a mortgage or bond issue of a corporation or
political subdivision;
(7) Act as personal representative of the estate of any deceased individual;
and
(8) Act as guardian, receiver, or trustee of the estate of any person under
order or appointment of a court and as depositary of money paid to the court for the benefit
of the person.
3–209.
(a) (1) Before the Commissioner issues a certificate to do business, the
required capital stock and the required surplus shall be paid in full.
(2) [A] EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, A
commercial bank shall have required capital stock that equals at least:
(i) $750,000, if it is in a municipal area with not more than 50,000
inhabitants; and
(ii) $1.5 million, if it is in a municipal area with more than 50,000
inhabitants.
(3) A commercial bank shall have a surplus in an amount that equals at
least 20 percent of its required capital stock.
(b) (1) Before a commercial bank establishes a branch, the commercial bank
shall have capital stock and surplus as provided in this subsection.
(2) For a branch that is to be located inside the municipal area of the
principal banking office of the commercial bank, the commercial bank shall have capital
stock and surplus that equal at least the sum of the amounts required by subsection (a) of
this section.
(3) For a branch that is to be located outside the municipal area of the
principal banking office of the commercial bank, the commercial bank shall have capital
stock and surplus that equal at least the sum of:
(i) The amount required by subsection (a) of this section; and
(ii) 1. $120,000, if it is in a municipal area with not more than
25,000 inhabitants;
2. $180,000, if it is in a municipal area with more than 25,000
and not more than 100,000 inhabitants;
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WES MOORE, Governor Ch. 514
3. $240,000, if it is in a municipal area with more than
100,000 and not more than 250,000 inhabitants; and
4. $900,000, if it is in a municipal area with more than
250,000 inhabitants.
(c) Unless otherwise provided by law, the unimpaired capital and surplus of a
commercial bank include its debt instruments issued under § 3–312 of this title.
(D) (1) (I) A NONDEPOSITORY TRUST COMPANY MAY REQUEST THAT
THE COMMISSIONER REDUCE THE CAPITAL STOCK REQUIREMENTS FOR THAT
NONDEPOSITORY TRUST COMPANY.
(II) INCORPORATORS SEEKING TO FORM A NONDEPOSITORY
TRUST COMPANY MAY MAKE A REQUEST IN ACCORDANCE WITH THIS PARAGRAPH
PRIOR TO FILING ARTICLES OF INCORPORATION.
(III) A NONDEPOSITORY TRUST COMPANY MAKING A REQUEST
UNDER THIS PARAGRAPH SHALL PROVIDE THE COMMISSIONER WITH ALL
INFORMATION THAT THE COMMISSIONER REQUIRES.
(2) IN RESPONSE TO A REQUEST UNDER PARAGRAPH (1) OF THIS
SUBSECTION, THE COMMISSIONER MAY REDUCE THE AMOUNT OF CAPITAL STOCK
REQUIRED FOR A NONDEPOSITORY TRUST COMPANY IF THE REDUCTION DOES NOT
IMPAIR THE NONDEPOSITORY TRUST COMPANY’S SAFETY, SOUNDNESS, AND ABILITY
TO OPERATE EFFICIENTLY.
(3) THE COMMISSIONER MAY IMPOSE ADDITIONAL REQUIREMENTS
AS A CONDITION FOR APPROVAL OF A REQUEST UNDER THIS SUBSECTION.
3–211.1.
(b) (1) A nondepository trust company shall pledge securities or deliver a
surety bond to the Commissioner, for the benefit of the Commissioner, to defray the costs
of a receivership.
(2) (I) THIS PARAGRAPH DOES NOT APPLY TO A NONDEPOSITORY
TRUST COMPANY THAT ENGAGES IN BUSINESS UNDER TITLE 14 OF THIS ARTICLE.
(II) The amount of the securities or surety bond shall be determined
by the Commissioner in an amount that the Commissioner deems appropriate to defray
such costs, but in no event shall the amount exceed:
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Ch. 514 2026 LAWS OF MARYLAND
[(i)] 1. $1,000,000 for a nondepository trust company with a
composite rating, using the Uniform Interagency Trust Rating System, of 1 or 2; or
[(ii)] 2. $3,000,000 for a nondepository trust company with a
composite rating, using the Uniform Interagency Trust Rating System, of 3, 4, or 5.
5–203.
(c) (1) Except as provided in [paragraph] PARAGRAPHS (2) AND (4) of this
subsection, the Commissioner shall assess each banking institution the sum of:
(i) $8,000; plus
(ii) 1. 12 cents for each $1,000 of the assets of the institution over
$50,000,000, but not more than $250,000,000;
2. 10 cents for each $1,000 of assets over $250,000,000, but
not more than $500,000,000;
3. 9 cents for each $1,000 of assets over $500,000,000, but not
more than $1,000,000,000;
4. 8 cents for each $1,000 of assets over $1,000,000,000, but
not more than $10,000,000,000; and
5. 7 cents for each $1,000 of assets over $10,000,000,000.
(2) If a banking institution is not in the business of accepting deposits or
retaining funds in a deposit account as defined in § 5–509 of this title, the Commissioner
shall assess the banking institution the sum of:
(i) $5,000; plus
(ii) 1. 0.3 cents for each $1,000 of managed assets held in a
fiduciary capacity up to $5,000,000,000;
2. 0.2 cents for each $1,000 of managed assets held in a
fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000;
3. 0.1 cent for each $1,000 of managed assets held in a
fiduciary capacity over $20,000,000,000 up to $27,500,000,000;
4. 0.2 cents for each $1,000 of nonmanaged and custodial
assets held in a fiduciary capacity up to $5,000,000,000; and
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WES MOORE, Governor Ch. 514
5. 0.1 cent for each $1,000 of nonmanaged and custodial
assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000.
(3) The assessments shall be based on assets stated in a banking
institution’s most recent financial report.
(4) THE COMMISSIONER SHALL DETERMINE THE ASSESSMENTS FOR
BANKING INSTITUTIONS ENGAGING IN BUSINESS UNDER TITLE 14 OF THIS ARTICLE
BY REGULATION.
6–101.
(a) In this title the following words have the meanings indicated.
(b) “Board” means the board of directors of a credit union.
(c) (1) “Branch” means a credit union office at which shares or deposits are
received, share drafts or checks are paid, or money is lent.
(2) “Branch” includes a mobile branch or other special–purpose facility that
performs a function of a branch.
(3) “Branch” does not include an automated teller machine as defined in §
1–401(d) of this article.
(d) “Credit union” means a cooperative, nonprofit financial institution organized
under this title to conduct business in the State.
(e) “Credit union service organization” means an entity formed to engage in
activities that:
(1) Are incidental to the conduct of the business of a credit union;
(2) Advance or facilitate the purposes of a credit union; and
(3) Primarily serve a credit union and its members.
(f) (1) “Credit union share guaranty corporation” means a corporation
engaged in the business of guaranteeing or insuring payment of a credit union share or
deposit account.
(2) “Credit union share guaranty corporation” includes the Credit Union
Insurance Corporation established under Title 7 of this article.
(g) “Deposit account” means a balance held by a credit union on which a
contractual rate of interest may be paid as a debt owed by the credit union to the depositor.
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Ch. 514 2026 LAWS OF MARYLAND
(h) “Fixed assets” includes land, buildings, leasehold improvements, furniture,
fixtures, and equipment used in the conduct of the regular business of a credit union.
(i) “Member in good standing” means a member who:
(1) Owns at least one share in a credit union;
(2) Is current on all credit obligations to the credit union; and
(3) Has not caused the credit union a credit or deposit loss that is currently
outstanding.
(j) “Officer” means any officer that a Maryland corporation is required or
permitted to have under § 2–412 of the Corporations and Associations Article.
(k) “Official” means:
(1) A director;
(2) A member of a credit committee; or
(3) A member of a supervisory committee.
(l) “Out–of–state credit union” means:
(1) A federal credit union with its main office in a state other than this
State; or
(2) A credit union chartered and primarily regulated by another state.
(M) “PAYMENT STABLECOIN–RELATED SERVICES” HAS THE MEANING
STATED IN § 14–101 OF THIS ARTICLE.
(N) “PAYMENT STABLECOIN SERVICES INSTITUTION” HAS THE MEANING
STATED IN § 14–101 OF THIS ARTICLE.
(O) “PERMITTED PAYMENT STABLECOIN ISSUER” HAS THE MEANING
STATED IN § 14–101 OF THIS ARTICLE.
[(m)] (P) “Share” or “share account” means a balance held by a credit union on
which a dividend may be paid and which confers membership and voting rights on the
member.
6–312.
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WES MOORE, Governor Ch. 514
(A) In addition to the powers set forth elsewhere in this title, a credit union may:
(1) Receive the shares and deposits of its members;
(2) Lend money to its members;
(3) Invest funds as provided in this title; and
(4) Undertake other activities that:
(i) Are consistent with this title;
(ii) Relate to its purposes; and
(iii) Are authorized by its bylaws.
(B) (1) IN THIS SUBSECTION, “APPROPRIATE FEDERAL BANKING
AGENCY” HAS THE MEANING STATED IN THE FEDERAL DEPOSIT INSURANCE ACT.
(2) THIS SUBSECTION DOES NOT APPLY TO A CREDIT UNION SERVICE
ORGANIZATION AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH TITLE
14 OF THIS ARTICLE TO ENGAGE IN BUSINESS AS A PAYMENT STABLECOIN SERVICES
INSTITUTION.
(3) A CREDIT UNION SHALL NOTIFY THE COMMISSIONER IN
ACCORDANCE WITH THE PROCESS ESTABLISHED BY THE COMMISSIONER IN
REGULATION PRIOR TO:
(I) SEEKING AUTHORIZATION FROM THE APPROPRIATE
FEDERAL BANKING AGENCY TO BECOME A PERMITTED PAYMENT STABLECOIN
ISSUER; OR
(II) PROVIDING PAYMENT STABLECOIN–RELATED SERVICES
PERMITTED BY APPLICABLE STATE AND FEDERAL LAW.
TITLE 14. MARYLAND STABLECOIN ACT.
SUBTITLE 1. GENERAL PROVISIONS.
14–101.
(A) IN THIS TITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
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Ch. 514 2026 LAWS OF MARYLAND
(B) “APPLICANT” MEANS A NONDEPOSITORY TRUST COMPANY OR A CREDIT
UNION SERVICE ORGANIZATION THAT APPLIES TO THE COMMISSIONER FOR
AUTHORITY TO ENGAGE IN BUSINESS UNDER THIS TITLE.
(C) “BOARD” HAS THE MEANING STATED IN THE FEDERAL GENIUS ACT OF
2025.
(D) “CERTIFICATE” MEANS A CERTIFICATE ISSUED BY THE COMMISSIONER
TO AN APPLICANT IN ACCORDANCE WITH § 14–307 OF THIS TITLE.
(E) “CERTIFICATE HOLDER” MEANS A NONDEPOSITORY TRUST COMPANY
OR A CREDIT UNION SERVICE ORGANIZATION ISSUED A CERTIFICATE UNDER THIS
TITLE.
(F) “CONSUMER” MEANS AN INDIVIDUAL WHO ENTERS INTO A
TRANSACTION FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES.
(G) “CREDIT UNION SERVICE ORGANIZATION” HAS THE MEANING STATED
IN § 6–101 OF THIS ARTICLE.
(H) “KEY INDIVIDUAL” MEANS ANY INDIVIDUAL ULTIMATELY RESPONSIBLE
FOR ESTABLISHING OR DIRECTING POLICIES, PROCEDURES, AND CONTROL OF:
(1) A NONDEPOSITORY TRUST COMPANY; OR
(2) A CREDIT UNION SERVICE ORGANIZATION.
(I) “MONETARY VALUE” HAS THE MEANING STATED IN THE FEDERAL
GENIUS ACT OF 2025.
(J) “NONDEPOSITORY TRUST COMPANY” HAS THE MEANING STATED IN §
3–101 OF THIS ARTICLE.
(K) “OFFICE” MEANS THE OFFICE OF FINANCIAL REGULATION
ESTABLISHED UNDER § 2–101 OF THIS ARTICLE.
(L) “PAYMENT STABLECOIN” HAS THE MEANING STATED IN THE FEDERAL
GENIUS ACT OF 2025.
(M) (1) “PAYMENT STABLECOIN–RELATED SERVICES” MEANS:
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WES MOORE, Governor Ch. 514
(I) EXCHANGING PAYMENT STABLECOIN FOR MONETARY
VALUE;
(II) PROVIDING CUSTODIAL OR SAFEKEEPING SERVICES TO
PERMITTED PAYMENT STABLECOIN ISSUERS IN ACCORDANCE WITH 12 U.S.C. §
5909;
(III) MANAGING REQUIRED RESERVE ASSETS FOR PERMITTED
PAYMENT STABLECOIN ISSUERS, INCLUDING PURCHASING, SELLING, AND HOLDING
SUCH RESERVE ASSETS CONSISTENT WITH STATE AND FEDERAL LAW;
(IV) PROVIDING CUSTODIAL OR SAFEKEEPING SERVICES FOR
PAYMENT STABLECOINS OR PRIVATE KEYS OF PAYMENT STABLECOIN CONSISTENT
WITH THE FEDERAL GENIUS ACT OF 2025; OR
(V) UNDERTAKING ANY OTHER ACTIVITIES THAT:
1. FACILITATE THE USE OF STABLECOIN IN
ACCORDANCE WITH THE FEDERAL GENIUS ACT OF 2025;
2. ARE NOT INCONSISTENT WITH THE FEDERAL
GENIUS ACT OF 2025; AND
3. ARE AUTHORIZED BY THE COMMISSIONER IN
WRITING.
(2) “PAYMENT STABLECOIN–RELATED SERVICES” DOES NOT
INCLUDE ISSUING PAYMENT STABLECOIN.
(N) “PAYMENT STABLECOIN SERVICES INSTITUTION” MEANS A
NONDEPOSITORY TRUST COMPANY OR A CREDIT UNION SERVICE ORGANIZATION:
(1) PRIMARILY ENGAGED IN THE BUSINESS OF PROVIDING PAYMENT
STABLECOIN–RELATED SERVICES; AND
(2) AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH THIS
TITLE TO PROVIDE PAYMENT STABLECOIN–RELATED SERVICES.
(O) “PERMITTED PAYMENT STABLECOIN ISSUER” HAS THE MEANING
STATED IN THE FEDERAL GENIUS ACT OF 2025.
(P) “STATE ISSUER” MEANS A NONDEPOSITORY TRUST COMPANY
AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH THIS TITLE TO BECOME
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Ch. 514 2026 LAWS OF MARYLAND
A STATE QUALIFIED PAYMENT STABLECOIN ISSUER.
(Q) “STATE PAYMENT STABLECOIN REGULATOR” HAS THE MEANING
STATED IN THE FEDERAL GENIUS ACT OF 2025.
(R) “STATE QUALIFIED PAYMENT STABLECOIN ISSUER” HAS THE MEANING
STATED IN THE FEDERAL GENIUS ACT OF 2025.
14–102.
THE PROVISIONS OF THIS TITLE APPLY TO:
(1) A NONDEPOSITORY TRUST COMPANY SEEKING TO ENGAGE IN
BUSINESS AS:
(I) A STATE ISSUER; OR
(II) A PAYMENT STABLECOIN SERVICES INSTITUTION; AND
(2) A CREDIT UNION SERVICE ORGANIZATION SEEKING TO ENGAGE IN
BUSINESS AS A PAYMENT STABLECOIN SERVICES INSTITUTION.
SUBTITLE 2. FORMATION AND POWERS.
14–201.
(A) THE OFFICE SHALL BE THE STATE PAYMENT STABLECOIN REGULATOR
IN THE STATE.
(B) THE COMMISSIONER SHALL APPLY FOR CERTIFICATION OF THE OFFICE
AS A STATE PAYMENT STABLECOIN REGULATOR IN ACCORDANCE WITH
PROCEDURES ESTABLISHED IN THE FEDERAL GENIUS ACT OF 2025.
(C) IN ACCORDANCE WITH THIS TITLE, THE COMMISSIONER MAY ISSUE A
CERTIFICATE AUTHORIZING:
(1) A NONDEPOSITORY TRUST COMPANY TO ENGAGE IN BUSINESS AS:
(I) A PAYMENT STABLECOIN SERVICES INSTITUTION; OR
(II) A STATE ISSUER; OR
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WES MOORE, Governor Ch. 514
(2) A CREDIT UNION SERVICE ORGANIZATION TO ENGAGE IN
BUSINESS AS A PAYMENT STABLECOIN SERVICES INSTITUTION.
(D) TO THE EXTENT NOT OTHERWISE PROHIBITED BY LAW, THE
COMMISSIONER MAY GRANT TO ANY APPLICANT THOSE POWERS THE
COMMISSIONER DEEMS NECESSARY TO FACILITATE THE PRODUCTS AND SERVICES
THAT THE COMMISSIONER APPROVES UNDER THIS TITLE.
(E) IN ADDITION TO THE AUTHORITY TO SHARE INFORMATION GRANTED TO
THE COMMISSIONER IN THIS ARTICLE, THE COMMISSIONER MAY:
(1) SHARE INFORMATION CONCERNING ANY STATE ISSUER WITH THE
BOARD IN A MANNER CONSISTENT WITH THE FEDERAL GENIUS ACT OF 2025; AND
(2) ENTER INTO AN INFORMATION–SHARING AGREEMENT UNDER §
2–117 OF THIS ARTICLE WITH ANY STATE OR FEDERAL REGULATORY AGENCY
HAVING AUTHORITY OVER A CERTIFICATE HOLDER.
(F) (1) THE COMMISSIONER MAY ADOPT REGULATIONS TO:
(I) CARRY OUT THE PROVISIONS OF THIS TITLE;
(II) ENSURE THAT ANY ACTIVITIES, PRODUCTS, OR SERVICES
AUTHORIZED IN ACCORDANCE WITH THIS TITLE ARE CONDUCTED IN A SAFE, SOUND,
AND EFFICIENT MANNER; AND
(III) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION,
FACILITATE CERTIFICATION OF THE OFFICE AS THE STATE PAYMENT STABLECOIN
REGULATOR.
(2) TO FACILITATE CERTIFICATION OF THE OFFICE AS THE STATE
PAYMENT STABLECOIN REGULATOR, THE COMMISSIONER MAY ADOPT
REGULATIONS GOVERNING NONDEPOSITORY TRUST COMPANIES SEEKING
AUTHORITY TO ACT AS A STATE ISSUER THAT WAIVE OR MODIFY THE
REQUIREMENTS OF TITLES 3 AND 4 OF THIS ARTICLE.
14–202.
EXCEPT AS OTHERWISE PROVIDED IN THIS TITLE OR IN REGULATIONS
ADOPTED BY THE COMMISSIONER:
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Ch. 514 2026 LAWS OF MARYLAND
(1) TITLE 3 OF THIS ARTICLE SHALL GOVERN THE FORMATION OF A
NONDEPOSITORY TRUST COMPANY INTENDING TO ENGAGE IN BUSINESS UNDER
THIS TITLE; AND
(2) ALL APPLICABLE PROVISIONS OF TITLES 3 AND 5 OF THIS
ARTICLE APPLY TO A NONDEPOSITORY TRUST COMPANY ENGAGING IN BUSINESS
UNDER THIS TITLE.
14–203.
(A) EXCEPT AS OTHERWISE PROVIDED IN THIS TITLE OR IN REGULATIONS
ADOPTED BY THE COMMISSIONER:
(1) § 6–706 OF THIS ARTICLE SHALL GOVERN THE FORMATION OF A
CREDIT UNION SERVICE ORGANIZATION INTENDING TO ENGAGE IN BUSINESS
UNDER THIS TITLE; AND
(2) ALL APPLICABLE PROVISIONS OF TITLE 6 OF THIS ARTICLE
APPLY TO A CREDIT UNION SERVICE ORGANIZATION ENGAGING IN BUSINESS UNDER
THIS TITLE.
(B) THE COMMISSIONER MAY EXAMINE A CREDIT UNION SERVICE
ORGANIZATION ENGAGED IN BUSINESS UNDER THIS TITLE SEPARATELY OR
TOGETHER WITH AN EXAMINATION OF THE CREDIT UNION.
14–204.
(A) A CERTIFICATE HOLDER MAY EXERCISE ONLY POWERS THAT THE
COMMISSIONER:
(1) GRANTS IN ACCORDANCE WITH THIS TITLE; AND
(2) LISTS IN THE CERTIFICATE.
(B) AN APPLICANT MAY NOT ENGAGE IN BUSINESS UNDER THIS TITLE
WITHOUT A CERTIFICATE ISSUED IN ACCORDANCE WITH THIS TITLE.
SUBTITLE 3. APPLICATION PROCEDURES.
14–301.
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WES MOORE, Governor Ch. 514
FOR AN APPLICANT TO QUALIFY FOR A CERTIFICATE, THE COMMISSIONER
SHALL DETERMINE THAT THE APPLICANT IS OF GOOD MORAL CHARACTER AND HAS
SUFFICIENT FINANCIAL RESPONSIBILITY, BUSINESS EXPERIENCE, AND GENERAL
FITNESS TO:
(1) ENGAGE IN BUSINESS UNDER THIS TITLE IN A SAFE AND SOUND
MANNER;
(2) WARRANT THE BELIEF THAT THE BUSINESS WILL BE CONDUCTED
LAWFULLY, HONESTLY, FAIRLY, AND EFFICIENTLY; AND
(3) COMMAND THE CONFIDENCE OF THE PUBLIC.
14–302.
(A) AN APPLICANT SHALL COMPLETE, SIGN, AND SUBMIT TO THE
COMMISSIONER AN APPLICATION MADE UNDER OATH IN THE FORM AND IN
ACCORDANCE WITH THE PROCESS THAT THE COMMISSIONER REQUIRES.
(B) IN ADDITION TO INFORMATION LISTED IN THE APPLICATION FORM
PROVIDED BY THE COMMISSIONER, AN APPLICANT SHALL PROVIDE TO THE
COMMISSIONER:
(1) A BUSINESS PLAN;
(2) BIOGRAPHICAL INFORMATION OF ALL KEY INDIVIDUALS;
(3) ANY INFORMATION REQUIRED IN ACCORDANCE WITH
APPLICABLE REGULATIONS; AND
(4) ANY OTHER INFORMATION THAT THE COMMISSIONER REQUESTS.
(C) ON SUBMISSION OF AN APPLICATION TO THE COMMISSIONER, AN
APPLICANT SHALL PAY A NONREFUNDABLE APPLICATION FEE IN AN AMOUNT EQUAL
TO THE EXAMINATION FEE FOR A NEW COMMERCIAL BANK CHARTER UNDER §
2–108(A)(1) OF THIS ARTICLE.
14–303.
WHEN DETERMINING WHETHER TO ISSUE A CERTIFICATE, THE
COMMISSIONER SHALL CONSIDER:
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Ch. 514 2026 LAWS OF MARYLAND
(1) WHETHER THE APPLICANT MEETS THE QUALIFICATIONS
ESTABLISHED UNDER § 14–301 OF THIS SUBTITLE AND PROVIDES THE
INFORMATION AND FEE REQUIRED UNDER § 14–302 OF THIS SUBTITLE;
(2) IF THE APPLICANT SEEKS A CERTIFICATE TO ENGAGE IN
BUSINESS AS A STATE ISSUER, WHETHER THE APPLICANT COMPLIES WITH ALL
APPLICABLE PROVISIONS OF THE FEDERAL GENIUS ACT OF 2025;
(3) IF THE APPLICANT SEEKS A CERTIFICATE TO ENGAGE IN
BUSINESS AS A PROVIDER OF PAYMENT STABLECOIN–RELATED SERVICES,
WHETHER THE PRODUCTS AND SERVICES THAT THE APPLICANT SEEKS TO OFFER:
(I) FACILITATE USE OF PAYMENT STABLECOIN IN
ACCORDANCE WITH THE FEDERAL GENIUS ACT OF 2025; AND
(II) ARE NOT INCONSISTENT WITH THE FEDERAL GENIUS ACT
OF 2025;
(4) WHETHER THE BUSINESS THE APPLICANT SEEKS TO CONDUCT:
(I) COMPLIES WITH ALL APPLICABLE PROVISIONS OF STATE
AND FEDERAL LAW;
(II) SUPPORTS THE WELFARE OF THE GENERAL ECONOMY OF
THE STATE; AND
(III) IS NOT DETRIMENTAL TO THE PUBLIC INTEREST; AND
(5) ANY OTHER FACTORS THAT THE COMMISSIONER IDENTIFIES IN
REGULATION.
14–304.
(A) ON SUBMISSION OF AN APPLICATION AND PAYMENT OF THE FEE IN
ACCORDANCE WITH § 14–302 OF THIS SUBTITLE, THE COMMISSIONER SHALL
INVESTIGATE TO DETERMINE WHETHER THE APPLICANT SATISFIES THE CRITERIA
UNDER § 14–303 OF THIS SUBTITLE.
(B) EXCEPT AS PROVIDED UNDER SUBSECTION (D) OF THIS SECTION, THE
COMMISSIONER SHALL APPROVE OR DENY EACH APPLICATION FOR A CERTIFICATE
WITHIN 60 DAYS AFTER THE DATE ON WHICH THE APPLICANT FILES A COMPLETED
APPLICATION AND PAYS THE APPLICATION FEE.
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WES MOORE, Governor Ch. 514
(C) AN APPLICATION SHALL BE DEEMED COMPLETE WHEN THE
COMMISSIONER RECEIVES:
(1) THE SIGNED APPLICATION;
(2) ALL DOCUMENTS AND INFORMATION REQUIRED BY THE
APPLICATION; AND
(3) IF APPLICABLE, ANY INFORMATION REQUESTED BY THE
COMMISSIONER FOLLOWING RECEIPT OF THE SIGNED APPLICATION.
(D) (1) THE COMMISSIONER MAY EXTEND THE TIME PERIOD FOR
APPROVAL OR DENIAL OF AN APPLICATION IF THE COMMISSIONER:
(I) DETERMINES THAT ADDITIONAL TIME IS REQUIRED TO
FULLY CONSIDER THE APPLICATION; OR
(II) REQUESTED ADDITIONAL INFORMATION AFTER THE
APPLICANT SUBMITTED THE APPLICATION AND FEE AND:
1. HAS NOT RECEIVED THE ADDITIONAL INFORMATION
WITHIN THE 60 DAYS UNDER SUBSECTION (B) OF THIS SECTION; OR
2. REQUIRES ADDITIONAL TIME TO REVIEW THE
ADDITIONAL INFORMATION.
(2) IF THE COMMISSIONER EXTENDS THE TIME PERIOD FOR
APPROVAL OR DENIAL OF AN APPLICATION UNDER PARAGRAPH (1) OF THIS
SUBSECTION, THE COMMISSIONER SHALL NOTIFY THE APPLICANT OF THE
EXTENSION WITHIN 10 BUSINESS DAYS.
14–305.
(A) THE COMMISSIONER SHALL APPROVE AN APPLICATION THAT SATISFIES
THE CRITERIA UNDER § 14–303 OF THIS SUBTITLE.
(B) ON APPROVAL OF AN APPLICATION, THE COMMISSIONER SHALL:
(1) IDENTIFY THE PRODUCTS AND SERVICES THAT THE APPLICANT
MAY OFFER UNDER THIS TITLE;
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Ch. 514 2026 LAWS OF MARYLAND
(2) GRANT THE APPLICANT ALL POWERS REASONABLY NECESSARY
TO OFFER THE PRODUCTS AND SERVICES THAT THE COMMISSIONER APPROVES;
(3) IMPOSE TERMS AND CONDITIONS THAT THE COMMISSIONER
CONSIDERS APPROPRIATE; AND
(4) ISSUE A CERTIFICATE TO THE APPLICANT.
(C) IN ADDITION TO AN APPROVAL OF AN APPLICATION UNDER THIS TITLE,
THE COMMISSIONER MAY ENTER INTO A MEMORANDUM OF UNDERSTANDING WITH
THE APPLICANT CONCERNING ANY ADDITIONAL MATTERS THE COMMISSIONER
CONSIDERS APPROPRIATE.
14–306.
(A) (1) THE COMMISSIONER SHALL DENY AN APPLICATION THAT DOES
NOT SATISFY THE CRITERIA OF § 14–303 OF THIS SUBTITLE.
(2) IF THE COMMISSIONER DENIES AN APPLICATION UNDER
PARAGRAPH (1) OF THIS SUBSECTION, THE COMMISSIONER SHALL NOTIFY THE
APPLICANT OF THE DENIAL IN WRITING WITHIN 10 BUSINESS DAYS.
(B) WITHIN 30 DAYS AFTER THE DATE ON WHICH THE COMMISSIONER
DENIES AN APPLICATION UNDER SUBSECTION (A) OF THIS SECTION, THE
COMMISSIONER SHALL:
(1) FILE A WRITTEN DECISION CONTAINING THE FINDINGS AND
CONCLUSIONS ON WHICH THE COMMISSIONER BASED THE DENIAL WITH THE
OFFICE;
(2) SEND A COPY OF THE WRITTEN DECISION TO THE APPLICANT; AND
(3) ADVISE THE APPLICANT IN WRITING OF THE APPLICANT’S RIGHT
TO A HEARING IN ACCORDANCE WITH THE ADMINISTRATIVE PROCEDURE ACT.
(C) (1) IF AN APPLICANT SEEKS A HEARING TO CONTEST THE DENIAL OF
AN APPLICATION, THE APPLICANT SHALL FILE A WRITTEN REQUEST FOR A HEARING
WITHIN 45 DAYS AFTER THE DATE ON WHICH THE APPLICANT RECEIVES NOTICE OF
THE RIGHT TO A HEARING.
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WES MOORE, Governor Ch. 514
(2) A HEARING DATE ESTABLISHED IN RESPONSE TO A REQUEST
UNDER THIS SUBSECTION MAY BE POSTPONED ONLY ONCE FOR A PERIOD OF NOT
MORE THAN 30 DAYS AFTER THE DATE OF THE INITIAL HEARING.
14–307.
(A) A CERTIFICATE ISSUED UNDER THIS SUBTITLE:
(1) SHALL CONTAIN:
(I) THE FULL LEGAL NAME OF THE CERTIFICATE HOLDER;
(II) ANY LEGALLY REGISTERED TRADE NAMES USED BY THE
CERTIFICATE HOLDER;
(III) A LIST OF ALL PRODUCTS AND SERVICES THE
COMMISSIONER AUTHORIZES THE CERTIFICATE HOLDER TO OFFER; AND
(IV) A LIST OF ALL POWERS THE COMMISSIONER GRANTS TO
THE CERTIFICATE HOLDER;
(2) MAY INCLUDE:
(I) ANY ADDITIONAL TERMS AND CONDITIONS THAT THE
COMMISSIONER IMPOSES ON THE CERTIFICATE HOLDER; AND
(II) ANY OTHER INFORMATION THE COMMISSIONER
CONSIDERS APPROPRIATE; AND
(3) REMAINS VALID UNTIL:
(I) THE COMMISSIONER SUSPENDS OR REVOKES THE
CERTIFICATE; OR
(II) THE CERTIFICATE HOLDER SURRENDERS THE
CERTIFICATE IN ACCORDANCE WITH THIS TITLE.
(B) A CERTIFICATE HOLDER:
(1) SHALL:
(I) MAKE A COPY OF THE CERTIFICATE AVAILABLE ON ANY
WEBSITE MAINTAINED BY OR ON BEHALF OF THE CERTIFICATE HOLDER; AND
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Ch. 514 2026 LAWS OF MARYLAND
(II) PROVIDE A COPY OF THE CERTIFICATE ON REQUEST; AND
(2) MAY NOT:
(I) OFFER ANY PRODUCT OR SERVICE NOT LISTED IN THE
CERTIFICATE; OR
(II) EXERCISE ANY POWER NOT LISTED IN THE CERTIFICATE.
14–308.
(A) IN THIS SECTION, “AMENDMENT” MEANS ANY MODIFICATION TO:
(1) THE PRODUCTS AND SERVICES LISTED IN A CERTIFICATE;
(2) THE POWERS LISTED IN A CERTIFICATE; OR
(3) ANY ADDITIONAL TERMS OR CONDITIONS INCLUDED IN THE
CERTIFICATE THAT THE COMMISSIONER CONSIDERS APPROPRIATE.
(B) A CERTIFICATE HOLDER MAY REQUEST THAT THE COMMISSIONER
AMEND A CERTIFICATE IN ACCORDANCE WITH THE PROCESS THE COMMISSIONER
ESTABLISHES.
(C) IN REVIEWING A REQUEST TO AMEND A CERTIFICATE UNDER
SUBSECTION (B) OF THIS SECTION, THE COMMISSIONER SHALL CONSIDER THE
CRITERIA UNDER § 14–303 OF THIS SUBTITLE.
(D) (1) IN CONNECTION WITH AN INVESTIGATION OR EXAMINATION OF A
CERTIFICATE HOLDER, THE COMMISSIONER MAY REQUEST THAT THE CERTIFICATE
HOLDER AGREE TO AN AMENDMENT.
(2) IF THE CERTIFICATE HOLDER DOES NOT AGREE TO THE
COMMISSIONER’S REQUEST FOR AN AMENDMENT, THE COMMISSIONER MAY TAKE
ANY ACTION AUTHORIZED IN ACCORDANCE WITH SUBTITLE 6 OF THIS TITLE.
(E) (1) THE COMMISSIONER SHALL ISSUE AN AMENDED CERTIFICATE IN
CONNECTION WITH ANY CHANGE TO A CERTIFICATE MADE IN ACCORDANCE WITH
THIS SECTION.
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WES MOORE, Governor Ch. 514
(2) AN AMENDED CERTIFICATE ISSUED UNDER THIS SUBSECTION
SHALL:
(I) COMPLY WITH § 14–307 OF THIS SUBTITLE; AND
(II) REPLACE THE PRIOR CERTIFICATE.
SUBTITLE 4. PAYMENT STABLECOIN SERVICES INSTITUTIONS.
14–401.
(A) THE COMMISSIONER MAY ISSUE A CERTIFICATE TO ENGAGE IN
BUSINESS AS A PAYMENT STABLECOIN SERVICES INSTITUTION TO:
(1) A NONDEPOSITORY TRUST COMPANY; OR
(2) A CREDIT UNION SERVICE ORGANIZATION.
(B) A PERSON MAY NOT ENGAGE IN BUSINESS AS A PAYMENT STABLECOIN
SERVICES INSTITUTION UNDER THIS TITLE UNLESS:
(1) THE COMMISSIONER ISSUES THE PERSON A CERTIFICATE; AND
(2) THE CERTIFICATE GRANTS THE CERTIFICATE HOLDER THE
AUTHORITY TO OFFER ONE OR MORE PAYMENT STABLECOIN–RELATED SERVICES.
(C) NOTHING IN THIS TITLE SHALL RESTRICT:
(1) THE ABILITY OF A BANKING INSTITUTION OR CREDIT UNION TO
OFFER PAYMENT STABLECOIN–RELATED SERVICES:
(I) CONSISTENT WITH APPLICABLE STATE AND FEDERAL LAW;
AND
(II) IF THE SERVICES ARE DISCLOSED TO THE COMMISSIONER
IN ACCORDANCE WITH THE PROCESS ESTABLISHED BY THE COMMISSIONER IN
REGULATION; OR
(2) THE ABILITY OF A NATIONAL BANKING INSTITUTION, AN
OTHER–STATE BANK, A FEDERALLY CHARTERED CREDIT UNION, OR AN
OTHER–STATE CREDIT UNION TO OFFER PAYMENT STABLECOIN–RELATED
SERVICES IN A MANNER CONSISTENT WITH APPLICABLE LAW.
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Ch. 514 2026 LAWS OF MARYLAND
14–402.
A CERTIFICATE HOLDER AUTHORIZED TO ENGAGE IN BUSINESS AS A PAYMENT
STABLECOIN SERVICES INSTITUTION MAY NOT:
(1) OFFER ANY PRODUCT OR SERVICE NOT LISTED ON ITS
CERTIFICATE;
(2) EXERCISE ANY POWER NOT LISTED ON ITS CERTIFICATE;
(3) ISSUE PAYMENT STABLECOIN UNLESS THE CERTIFICATE ALSO
AUTHORIZES THE CERTIFICATE HOLDER TO ENGAGE IN BUSINESS AS A STATE
ISSUER;
(4) MAKE LOANS OR OTHER EXTENSIONS OF CREDIT;
(5) ACCEPT CONSUMER DEPOSITS;
(6) ACCEPT INSURED DEPOSITS; OR
(7) REPRESENT THAT FUNDS DEPOSITED WITH THE CERTIFICATE
HOLDER ARE INSURED.
SUBTITLE 5. STATE ISSUERS.
14–501.
(A) THE COMMISSIONER MAY ISSUE A CERTIFICATE TO ENGAGE IN
BUSINESS AS A STATE ISSUER TO A NONDEPOSITORY TRUST COMPANY.
(B) A PERSON MAY NOT ENGAGE IN BUSINESS AS A STATE ISSUER UNLESS:
(1) THE COMMISSIONER ISSUES THE PERSON A CERTIFICATE; AND
(2) THE CERTIFICATE GRANTS THE CERTIFICATE HOLDER THE
AUTHORITY TO ACT AS A STATE ISSUER.
14–502.
A CERTIFICATE HOLDER AUTHORIZED TO ENGAGE IN BUSINESS AS A STATE
ISSUER MAY NOT:
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WES MOORE, Governor Ch. 514
(1) OFFER ANY PRODUCT OR SERVICE NOT LISTED ON ITS
CERTIFICATE;
(2) EXERCISE ANY POWER NOT LISTED ON ITS CERTIFICATE;
(3) MAKE LOANS OR OTHER EXTENSIONS OF CREDIT;
(4) ACCEPT CONSUMER DEPOSITS;
(5) ACCEPT INSURED DEPOSITS; OR
(6) REPRESENT THAT FUNDS DEPOSITED WITH THE CERTIFICATE
HOLDER ARE INSURED.
14–503.
THE COMMISSIONER MAY SHARE INFORMATION CONCERNING ANY STATE
ISSUER WITH THE BOARD IN A MANNER CONSISTENT WITH THE FEDERAL GENIUS
ACT OF 2025.
SUBTITLE 6. ENFORCEMENT AND SURRENDER OF CERTIFICATE.
14–601.
(A) THE COMMISSIONER SHALL HAVE ALL ENFORCEMENT POWERS IN
ACCORDANCE WITH TITLES 3 AND 5 OF THIS ARTICLE WITH RESPECT TO A
NONDEPOSITORY TRUST COMPANY CERTIFICATE HOLDER.
(B) THE COMMISSIONER SHALL HAVE ALL ENFORCEMENT POWERS IN
ACCORDANCE WITH TITLE 6 OF THIS ARTICLE WITH RESPECT TO A CREDIT UNION
SERVICE ORGANIZATION CERTIFICATE HOLDER.
(C) IN ADDITION TO OTHER POWERS CONTAINED IN THIS ARTICLE, THE
COMMISSIONER MAY EXERCISE ALL INVESTIGATORY AND ENFORCEMENT POWERS
IN ACCORDANCE WITH §§ 2–113 THROUGH 2–116 OF THIS ARTICLE WITH RESPECT
TO:
(1) A CERTIFICATE HOLDER; OR
(2) ANY PERSON ENGAGED IN BUSINESS REQUIRING A CERTIFICATE
UNDER THIS TITLE.
14–602.
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Ch. 514 2026 LAWS OF MARYLAND
SUBJECT TO THE HEARING PROVISIONS OF § 2–115 OF THIS ARTICLE, THE
COMMISSIONER MAY SUSPEND OR REVOKE A CERTIFICATE IF:
(1) THE CERTIFICATE HOLDER OR ANY OWNER, DIRECTOR, OFFICER,
MEMBER, COVENTURER, PARTNER, STOCKHOLDER, EMPLOYEE, OR AGENT OF THE
CERTIFICATE HOLDER:
(I) MAKES ANY MATERIAL MISSTATEMENT IN AN APPLICATION
FOR A CERTIFICATE;
(II) CONDUCTS BUSINESS AUTHORIZED IN THE CERTIFICATE IN
AN UNSAFE OR UNSOUND MANNER;
(III) REFUSES TO PERMIT THE COMMISSIONER TO PERFORM AN
EXAMINATION AUTHORIZED UNDER THIS ARTICLE;
(IV) WILLFULLY FAILS TO MAKE A REPORT REQUIRED UNDER
THIS ARTICLE;
(V) IS CONVICTED UNDER THE LAWS OF THE UNITED STATES,
THE STATE, OR ANY OTHER STATE OF A FELONY OR A MISDEMEANOR THAT IS
DIRECTLY RELATED TO THE FITNESS AND QUALIFICATION OF THE PERSON TO
ENGAGE IN THE BUSINESS AUTHORIZED IN THE CERTIFICATE;
(VI) IN CONNECTION WITH ANY BUSINESS AUTHORIZED IN THE
CERTIFICATE:
1. COMMITS A FRAUD;
2. ENGAGES IN AN ILLEGAL OR DISHONEST ACTIVITY;
OR
3. MISREPRESENTS OR FAILS TO DISCLOSE A MATERIAL
FACT TO A GOVERNMENT AGENCY;
(VII) VIOLATES ANY PROVISION OF THIS ARTICLE OR ANY
REGULATION ADOPTED UNDER THIS ARTICLE, OR ANY OTHER LAW REGULATING THE
BUSINESS AUTHORIZED IN THE CERTIFICATE;
(VIII) CONDUCTS ANY BUSINESS OR EXERCISES ANY POWER NOT
AUTHORIZED IN THE CERTIFICATE; OR
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WES MOORE, Governor Ch. 514
(IX) OTHERWISE DEMONSTRATES UNWORTHINESS, BAD FAITH,
DISHONESTY, OR ANY OTHER QUALITY THAT INDICATES THAT THE BUSINESS OF THE
CERTIFICATE HOLDER HAS NOT BEEN OR WILL NOT BE CONDUCTED HONESTLY,
FAIRLY, EQUITABLY, AND EFFICIENTLY;
(2) THE PRODUCTS AND SERVICES OFFERED BY THE CERTIFICATE
HOLDER ARE INJURIOUS TO THE PUBLIC INTEREST; OR
(3) THE CERTIFICATE HOLDER:
(I) HAS INADEQUATE CAPITAL AND THE CERTIFICATE HOLDER,
AFTER 10 DAYS’ WRITTEN NOTICE FROM THE COMMISSIONER, FAILS TO TAKE STEPS
THAT THE COMMISSIONER CONSIDERS NECESSARY TO REMEDY THE DEFICIENCY;
(II) BECOMES INSOLVENT;
(III) HAS SUSPENDED PAYMENT OF ITS OBLIGATIONS, MADE AN
ASSIGNMENT FOR THE BENEFIT OF ITS CREDITORS, OR ADMITTED ITS INABILITY TO
PAY ITS DEBTS AS THEY BECOME DUE; OR
(IV) HAS APPLIED FOR AN ADJUDICATION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, OR OTHER RELIEF UNDER ANY BANKRUPTCY
PROCEEDING.
14–603.
(A) A CERTIFICATE HOLDER MAY SURRENDER A CERTIFICATE IN
ACCORDANCE WITH THE PROCESS THAT THE COMMISSIONER REQUIRES.
(B) A SURRENDER OF A CERTIFICATE UNDER SUBSECTION (A) OF THIS
SECTION DOES NOT:
(1) AFFECT ANY CIVIL OR CRIMINAL LIABILITY OF THE CERTIFICATE
HOLDER FOR ACTS COMMITTED BEFORE THE CERTIFICATE IS SURRENDERED; OR
(2) LIMIT THE CERTIFICATE HOLDER’S LIABILITY TO PAY ANY FEES
OR ASSESSMENTS FOR THE YEAR IN WHICH THE CERTIFICATE IS SURRENDERED.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
January 1, 2027.
Approved by the Governor, May 12, 2026.
– 29 –Every fact on this page links to its source, starting with the official bill record.