Bill > HB686

Introduced Session

AN ACT concerning Financial Regulation - Modernizing Licensing of Non-Depository Institutions and Elimination of Branch License Requirements FOR the purpose of eliminating requirements for collection agencies and certain non-depository financial institutions to maintain separate licenses for branch locations and authorizing them to conduct business at multiple licensed locations under a single license; altering certain other requirements and provisions governing the licensing and regulation of collection agencies and certain non-depository financial institutions, including applications, Nationwide Mortgage Licensing System and Registry (NMLS) information, use of trade names, examination, Commissioner of Financial Regulation assessments, and bond requirements; and generally relating to the licensing of financial services providers. BY repealing and reenacting, with amendments, Article - Business Regulation Section 7-101, 7-206, 7-301(c), 7-302(b), (d), and (e), 7-302.1(b), 7-302.2(a), 7-304(c)(1), 7-305, 7-306.1(a) and (c), and 7-308(c) Annotated Code of Maryland (2015 Replacement Volume and 2022 Supplement) BY repealing Article - Business Regulation Section 7-302(c) and 7-308(b) Annotated Code of Maryland (2015 Replacement Volume and 2022 Supplement) BY adding to Article - Business Regulation Section 7-302.2(c) and 7-304(j) Annotated Code of Maryland (2015 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Commercial Law Section 14-1216(d) and (e) Annotated Code of Maryland (2013 Replacement Volume and 2022 Supplement) BY adding to Article - Financial Institutions Section 2-120, 2-121, 11-203.1(b), 11-203.3(c), 11-206(d), 11-208, 11-211, – 1 - 11-402.1(c), 11-408, 11-411, 11-501(f-1) and (f-2), 11-503.2(c), 11-508(c), 12-104.1(c), 12-110, 12-113, 12-401(k) and (l), 12-404(c), 12-407(b)(1), 12-415(a), 12-905(c), and 12-914(f) Annotated Code of Maryland (2020 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Financial Institutions Section 11-201, 11-203.3(a), 11-204(a) and (c)(2), 11-206(a)(2) and (c)(3)(i), 11-210(b)(1) and (c), 11-401, 11-402.1(a), 11-403(b), 11-404(a)(2), 11-406(a), 11-410(b)(1) and (c), 11-414, 11-503.1(b), 11-503.2(a), 11-505, 11-506.1(b) through (e), 11-507, 11-508(a) and (e) through (g), 11-511(a), (c), and (d), 11-512, 11-512.1(a) and (c), 11-513, 11-601(f), 11-602(c), 11-612.1, 12-101, 12-104.1(a), 12-105(b), 12-106, 12-108(a)(2), 12-112(b)(1) and (c), 12-114(c), 12-118, 12-401(c) and (k-1), 12-404(a), 12-406(a)(3), 12-407(b)(2), 12-410, 12-412(a) and (d), 12-424, 12-901, 12-904, 12-905(a), 12-906(b), 12-908(b)(1) and (2), 12-911, 12-914(b)(2)(i), 12-915, 12-923(b)(1), 12-924(a), (c), and (d), and 12-1007(a) Annotated Code of Maryland (2020 Replacement Volume and 2022 Supplement) BY repealing Article - Financial Institutions Section 11-203.1(b), 11-206(d), 11-208, 11-211, 11-404(c), 11-408, 11-411, 11-508(c) and (d), 11-610, 12-108(c), 12-110, 12-113, 12-401(e), 12-407(b)(1) and (h), 12-415(a), and 12-914(b)(8) Annotated Code of Maryland (2020 Replacement Volume and 2022 Supplement) BY repealing and reenacting, without amendments, Article - Financial Institutions Section 11-501(a), 11-601(a), and 12-401(a) Annotated Code of Maryland (2020 Replacement Volume and 2022 Supplement) BY repealing and reenacting, without amendments, Article - State Finance and Procurement Section 6-226(a)(2)(i) Annotated Code of Maryland (2021 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - State Finance and Procurement Section 6-226(a)(2)(ii)170. and 171. Annotated Code of Maryland (2021 Replacement Volume and 2022 Supplement) WES MOORE, Governor BY adding to Article - State Finance and Procurement Section 6-226(a)(2)(ii)172. Annotated Code of Maryland (2021 Replacement Volume and 2022 Supplement) BY renumbering Article - Financial Institutions Section 12-401(f) through (k) and (l) through (v) to be Section 12-401(e) through (j) and (n) through (x), respectively Annotated Code of Maryland (2020 Replacement Volume and 2022 Supplement)

Committee Categories

Pam Queen (D)*, 

Approved by the Governor - Chapter 567 (on 05/08/2023)

Official Document