Shown verbatim: the complete text as captured from the official PDF posted by the Maryland General Assembly, fetched 2026-09-25. Page and line markers are part of the official record; nothing is edited or removed. This is the chaptered version. The official bill page.
WES MOORE, Governor Ch. 40
Chapter 40
(Senate Bill 784)
AN ACT concerning
Financial Institutions – Consumer Credit – Application of Licensing
Requirements
FOR the purpose of repealing a certain provision of law exempting all persons that acquire
or are assigned certain mortgages, mortgage loans, or installment loans under
certain circumstances from certain provisions of law governing the licensing of
providers of certain financial services in the State; and generally relating to
consumer credit lending licensing requirements.
BY repealing
Article – Financial Institutions
Section 11–102
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
[11–102.
(a) In this section, “installment loan” has the meaning stated in § 11–301 of this
title.
(b) Except for § 11–219 of this title, this title does not apply to a person that
acquires or is assigned in whole or in part:
(1) A mortgage, if the person does not otherwise make mortgages;
(2) A mortgage loan, as defined in § 11–501 of this title, if the person does
not otherwise engage in the mortgage lending business, as defined in § 11–501 of this title;
or
(3) An installment loan, if the person:
(i) Relies on another person to service or collect on the installment
loan; and
(ii) Does not otherwise make installment loans.
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Ch. 40 2026 LAWS OF MARYLAND
(c) This section may not be construed to alter the definition of “student loan
servicer”, as defined in § 2–104.1 of this article.]
SECTION 2. AND BE IT FURTHER ENACTED, That it is the intent of the General
Assembly that Section 1 of this Act be construed as a clarifying corrective measure to repeal
a provision of law erroneously enacted by Chapter 118 of the Acts of the General Assembly
of 2025.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July
1, 2026.
Approved by the Governor, April 14, 2026.
–2–Every fact on this page links to its source, starting with the official bill record.