Maryland Eliminates Separate Licensing Requirement for Branches

Published on:
17 May 2023 at 11:00 a.m. ET

Written by: Orrick, Herrington & Sutcliffe LLP – Law Firm

http://www.insidearm.com/news/00049124-maryland-eliminates-separate-licensing-re/

Editor's Note: This article was originally published on the Buckley (now Orrick) InfoBytes Blog and is republished here with permission.

On May 8, the Maryland governor signed HB 686 to eliminate a requirement that collection agencies and certain non-depository financial institutions must maintain separate licenses for branch locations. The Act now allows such entities to conduct business at multiple licensed locations under a single license.

The Act also amends and clarifies other provisions relating to application requirements, licensee information listed in the Nationwide Multi-State Licensing System and Registry, requirements when using trade names, examinations, Commissioner of Financial Regulation assessments, and surety bond requirements. The Act is effective July 1.

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