Bill > HB1355

This bill, the Maryland Stablecoin Act, establishes a regulatory framework for payment stablecoin services within Maryland, defining terms like "payment stablecoin-related services" and "payment stablecoin services institution" to encompass activities such as exchanging stablecoins for monetary value and providing custodial services for issuers. It allows nondepository trust companies and credit union service organizations to apply for a certificate from the Commissioner of Financial Regulation to engage in these services, with the Commissioner acting as the state's payment stablecoin regulator and potentially waiving or modifying certain existing financial regulations for these entities. The bill also adjusts the examination fee for new commercial bank charters from $15,000 to $7,000, requires nondepository trust companies seeking to offer stablecoin services to include specific disclosures in their articles of incorporation, and permits these companies to request a reduction in capital stock requirements from the Commissioner if it doesn't compromise their safety and soundness. Furthermore, it clarifies that certain provisions of financial institution law do not apply to nondepository trust companies authorized to provide payment stablecoin services, and it mandates that the Commissioner will determine assessments for banking institutions involved in stablecoin business through regulation.

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https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1355?ys=2026RS