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NMLS Resource Center > State Licensing

Maryland

Last reviewed/updated: January 31, 2022

The Office of the Commissioner of Financial Regulation(OCFR), established in 1910, is Maryland's consumer financial protection agency and financial services regulator. OCFR's mission is “to protect Marylanders through the operation of a modern financial regulatory system that promotes respect for consumers, safety and compliance, fair competition, responsible business innovation, and a strong state economy." One of OCFR's many responsibilities and one of the ways that the OCFR protects consumers is to license, register and/or supervise state-licensed financial services providers to ensure that they operate in compliance with Maryland's laws and regulations. 

The Licensing Unit is OCFR's business line that accepts, evaluates, and processes all licensing applications, registrations, and other licensing and registration matters.  For general information regarding OCFR licenses and registrations, contact the Licensing Unit staff by telephone at (410) 230-6155 or by electronic mail at .

OCFR permits Remote Work for employees of a licensee at certain locations if the remote work arrangement complies with certain standards and conditions. This regulatory flexibility is intended to balance appropriate consumer protections with a recognition of today's workforce needs and the progression towards more consistent remote work and work location flexibility.  Refer to COMAR 09.03.02.08 (Remote Work for Employees of Licensees) and COMAR 09.03.09.07 (Mortgage Loan Originators: Locations) for applicable legal requirements.

Multistate Money Services Businesses Licensing Agreement ProgramOCFR participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program page of the NMLS Resource Center for more information. 

Proceed to OCFR's Industry Resource Webpage for additional information.

 

Company Licenses Description Requirements Checklist
Check Casher Registration A person may obtain a Check Casher Registration in lieu of a license if that person provides check cashing services (defined as accepting or cashing, for compensation, a payment instrument regardless of the date of the payment instrument), and: (i) Charges a fee of no more than 1.5%, or $1, whichever is greater, of the face amount of the payment instrument per payment instrument; (ii) Provides check cashing services that are incidental to the retail sale of goods or services by the person providing the check cashing services;Is registered as a check casher money services business with the U.S. Department of the Treasury (FinCEN); (iii) Conducts check cashing service transactions within the interior of the business location and not through the use of a mobile unit or an exterior drive-up or walk-up window; (iv) Has conspicuously posted a certain required notice providing check cashing fee amounts and information on contacting the Commissioner of Financial Regulation with comments or complaints; and (v) Provides a receipt to each check cashing customer, containing certain required information regarding the check cashing transaction. A person who provides check cashing services but does not meet all the above requirements, must obtain a check cashing services license and may not request this registration. Refer to Maryland Code, Financial Institutions Article, Title 12, Subtitle 1 (Check Cashing Services Law) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Check Cashing Services License A Check Cashing Service is a business that accepts or cashes, for compensation, a payment instrument (check or a draft ordering a person to pay money) regardless of the date of the payment instrument. A License is generally required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in check cashing services, when check cashing services are provided at the principal executive office. Refer to Maryland Code, Financial Institutions Article, Title 12, Subtitle 1 (Check Cashing Services Law) for legal requirements. If check cashing services are provided at licensed branch locations, but are not provided at the principal executive office, a license is not required for the principal executive office; however, a “Licensed Check Casher – Principal Executive Office Designation (No Activity)” is required before any branches may be licensed. If check cashing services are provided at licensed branch locations, but are not provided at the principal executive office, a license is not required for the principal executive office; however, a “Licensed Check Casher – Principal Executive Office Designation (No Activity)” is required before any branches may be licensed.
  • New Application
  • Amendment
  • Surrender
Check Cashing Services License - Principal Executive Office Designation (No Activity) This Designation is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in check cashing services if check cashing services are not provided at the principal executive office but rather are provided through branch locations. Refer to Maryland Code Annotated, Financial Institutions §12-101 et seq. for legal requirements. If the principal executive office location will not be providing Maryland check cashing services, but instead the person will be utilizing branch locations to provide Maryland check cashing services, complete the items listed on the new items checklist. The remaining locations should each be designated as a “Branch.” See the Check Cashing Services Branch License New Application Checklist for more information. If the principal executive office location will be engaging in Maryland check casher activity, then the person may not utilize this designation form and must submit instead a Check Cashing Service License utilizing the principal executive office location as the main office location in the “Company” license. See the Check Cashing Services License New Application Checklist for more information.
  • New Application
  • Amendment
  • Surrender
Collection Agency License A Collection Agency engages directly or indirectly in the business of collecting for, or soliciting from another, a consumer claim; or collecting a consumer claim the person owns, if the claim was in default when the person acquired it. A collection agency also gives, sells, attempts to give or sell to another, or uses, for collection of a consumer claim, a series or system of forms or letters that indicates directly or indirectly that a person other than the owner is asserting the consumer claim; or employs the services of an individual or business to solicit or sell a collection system to be used for collection of a consumer claim. This license is required for the executive office of any person (defined in Md. Code Ann., Bus. Reg. §1-101) doing business as a collection agency. Refer to Maryland Code, Business Regulation Article, Title 7 (Maryland Collection Agency Licensing Act) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Consumer Loan License A Consumer Lender is a business that makes any loan or advance of money or credit under the Maryland Consumer Loan Law. Additionally, a consumer loan licensee is exempt from the installment loan licensing provisions (see Md. Code Ann., Fin. Inst. §11-301 et seq.), which means that a consumer loan licensee may make loans (other than mortgage loans) under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions), and 12-1001 et seq. (Credit Grantor Closed End Credit Provisions) without an installment loan license. Refer to Md. Code Ann., Fin. Inst. §11-301(b)(5). This license is required for the executive office of any person (defined in Md. Code Ann., Fin. Inst. §11-201) making loans under Md. Code Ann., Com. Law, §12-301 et seq. (Maryland Consumer Loan Law). Refer to Maryland Code, Financial Institutions Article, Title 11, Subtitle 2 (Consumer Loans – Licensing Provisions) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Consumer Reporting Agency Registration A Consumer Credit Reporting Agency (or “consumer reporting agency” or “credit reporting agency”) is any business which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of commerce for the purpose of preparing or furnishing consumer reports. This registration is required for any consumer credit reporting agency operating in the State. Refer to Maryland Code, Commercial Law Article, Title 14, Subtitle 12 (Consumer Credit Reporting Agencies) and COMAR 09.03.07 (Consumer Credit Reporting Agencies) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Credit Services Business License A Credit Services Business is any business, with respect to the extension of credit by others, that sells, provides, or performs, or represents that such person can or will sell, provide, or perform, certain services in return for the payment of money or other valuable consideration for improving a consumer’s credit record, history, or rating or establishing a new credit file or record, and/or obtaining an extension of credit for a consumer. A Credit services business includes a business who sells or attempts to sell written materials containing information that the person represents will enable a consumer to establish a new credit file or record. Additionally, this license requirement includes a business that engages in assisting Maryland consumers to obtain loans (i.e. brokering loans) and a business that assists a consumer in obtaining a loan modification for non-mortgage related debt. See Cashcall, Inc. v. Maryland Commissioner of Financial Regulation (448 Md. 412) and Commissioner of Financial Regulation v. Brown, Brown, & Brown, P.C., et al. (449 Md. 345), decisions issued by the Maryland Court of Appeals. This license is required for the executive office of any person (defined in Md. Code Ann., Com. Law §14-1901) acting as a credit services business (defined in Md. Code Ann., Com. Law §14-1901). Refer to Maryland Code, Commercial Law Article, Title 14, Subtitle 19 (Maryland Credit Services Businesses Act) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Debt Management License A Debt Management Services business receives funds periodically from a consumer under an agreement with the consumer with the purpose of distributing one or more payments to or among one or more creditors of the consumer in full or partial payment of an obligation. This license is required for the principal executive office of a person (defined in Md. Code Ann., Fin. Inst. §1-101) providing debt management services (defined in Md. Code Ann., Fin. Inst. §12-901) to Maryland consumers. Refer to Maryland Code, Financial Institutions Article, Title 12, Subtitle 9 (Maryland Debt Management Services Act) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Debt Settlement Services Provider Registration A Debt Settlement Services provider offers services or programs that are represented directly, or by implication, to renegotiate, settle, reduce or alter in any way the terms of payment or other terms of a debt owed between a consumer and one or more unsecured creditors or debt collectors, including a reduction in the balance, interest rate, or fees owed by a consumer to an unsecured creditor or debt collector. This registration is required for any person providing debt settlement services to a consumer residing in Maryland. Refer to Maryland Code, Financial Institutions Article, Title 12, Subtitle 10 (Maryland Debt Settlement Services Act) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Exempt Collection Agency Registrants This registration is required for any person who collecting a debt for another person if; (i) both persons are related by common ownership; (ii) the person who is collecting a debt does so only for those persons to whom it is related by common ownership; (iii) the principal business of the person who is collecting a debt is not the collection of debts: and (iv) before collecting a debt, the person files with the Board: 1. The correct name of the person 2. An address and telephone number of a contact person; and 3. The name of the person’s resident agent Please see Md. Code Ann., Business Regulation §7-102(b) (10)
  • New Application
  • Amendment
  • Surrender
Installment Loan License An Installment Loan Lender provides loans or extensions of credit repayable in scheduled periodic payments of principal and interest (specifically, loans or extension of credit made for consideration under § 12-103(a)(3) or (c), Title 12, Subtitle 9, or Title 12, Subtitle 10 of the Commercial Law Article). A consumer loan licensee is exempt from the installment loan licensing provisions (see Md. Code Ann., Fin. Inst. §11-301 et seq.), which means that a consumer loan licensee may rely on its consumer loan license to make loans other than mortgage loans under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Credit Grantor Open End Credit Provisions) and 12-1001 (Credit Grantor Closed End Credit Provisions) without an installment loan license. Refer to Md. Code Ann., Fin. Inst. §11-301(b)(5). This license is required for the executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who makes loans or extensions of credit, other than mortgage loans, under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Open-End Credit Grantor), or 12-1001 et seq. (Closed-End Credit Grantor). Refer to Maryland Code, Financial Institutions Article, Title 11, Subtitle 3 (Installment Loans – Licensing Provisions) and Md. Code Ann., Com. Law §§12-103, 12-915, and 12-1015 for legal requirements.
  • New Application
  • Amendment
  • Surrender
Money Transmitter License A Money Transmitter is a business that sells or issues payment instruments or prepaid access, or receives currency, funds, or other value that substitutes for currency and transfers currency, funds, or other value that substitutes for currency to another person or a location within or outside the United States by any means, including electronically, through the Internet, through a mobile application, through a network of persons, or through an informal value transfer system. A Money Transmitter also includes providing bill payer services or accelerated mortgage payment services. This license is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in the business of money transmission, unless the person is an authorized delegate who is authorized by a licensee to engage in the business of money transmission under the name of a licensee at any location other than the place of business specified in the license. Refer to Maryland Code, Financial Institutions Article, Title 12, Subtitle 4 (Maryland Money Transmission Act) for legal requirements. Multistate Money Services Businesses Licensing Agreement Program: OCFR participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program Webpage of the NMLS Resource Center for more information.
  • New Application
  • Amendment
  • Surrender
Mortgage Lender - Exempt Company Registration An Exempt Company Registration is required for a subsidiary or affiliate of any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under Maryland law, or any other-state bank (defined in Md. Code Ann., Fin. Inst. §5-1001) having a branch that accepts deposits in Maryland, who engages in the mortgage lending business (including the making or procuring of loans primarily for personal, family, or household use secured by a dwelling or residential real estate located outside of Maryland) as a lender, servicer, or broker. To qualify for this registration, the subsidiary or affiliate must also be subject to audit or examination by a Maryland regulatory body or agency or the state where the subsidiary or affiliate maintains its principal office. Additionally, this registration is available for businesses that are exempt from the mortgage lender licensing requirement, but who employ state-licensed mortgage loan originators. Registration for this purpose is necessary in order to manage these mortgage loan originators in NMLS. Please consult with the Licensing Unit before applying for this registration. Refer to Maryland Code, Financial Institutions Article, Title 11, Subtitle 5 (Maryland Mortgage Lender Law) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Mortgage Lender License A Mortgage Lender is defined as any business who is a mortgage broker, makes a mortgage loan to any person, or is a mortgage servicer. These terms have the following meaning: (i) A Mortgage broker is a business that for a fee, or other valuable consideration, whether received directly or indirectly, aids or assist a borrower in obtaining a mortgage loan and is not named as a lender in the agreement, note, deed of trust, or other evidence of the indebtedness; (ii) A Mortgage servicer is a business that engages in whole or in part in the business of servicing mortgage loans for others, or collects or otherwise receives payments on mortgage loans directly from borrowers for distribution to any other person. This includes a subservicer, as well as a business that owns mortgage servicing rights but contracts with a subservicer; and (iii) An Exempt Entity is (1) a subsidiary or affiliate of any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under Maryland law, or any other-state bank (defined in Md. Code Ann., Fin. Inst. §5-1001) having a branch that accepts deposits in Maryland, who engages in the mortgage lending business (including the making or procuring of loans primarily for personal, family, or household use secured by a dwelling or residential real estate located outside of Maryland) as a lender, servicer, or broker. To qualify for this exemption, the subsidiary or affiliate must also be subject to audit or examination by a Maryland regulatory body or agency or the state where the subsidiary or affiliate maintains its principal office. Additionally, (2) this designated exemption is available for a business that employs state-licensed mortgage loan originators but is not required to be licensed under the laws of Maryland. The designated exemption is intended for companies that wish to manage their mortgage loan originators in NMLS. See Mortgage Lender – Exempt Company Registration for more information. This license is required for any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages in the mortgage lending business (including the making or procuring of loans primarily for personal, family, or household use secured by a dwelling or residential real estate located outside of Maryland) as a lender, servicer, or broker. Refer Maryland Code, Financial Institutions Article, Title 11, Subtitle 5 (Maryland Mortgage Lender Law) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Sales Finance License A Sales Finance company engages, whether by purchase, discount, pledge, loan, or otherwise, in the business of acquiring, investing in, or lending money or credit on the security of any interest in (1) installment sale agreements made between other parties; (2) retail credit accounts (defined in Md. Code Ann., Com. Law §12-501), made between other parties; or (3) secured home improvement (defined in Md. Code Ann., Bus. Reg. § 8-101) transactions, made between other parties. Refer to Maryland Code, Financial Institutions Article, Title 11, Subtitle 4 (Sales Financing Companies – Licensing Provisions) for legal requirements.
  • New Application
  • Amendment
  • Surrender
Branch Licenses Description Requirements Checklist
Check Cashing Services Branch License A separate Branch License is required for each branch location or mobile unit from which a person (defined in Md. Code Ann., Fin. Inst. §1-101) provides check cashing services. Refer specifically to Md. Code Ann., Fin. Inst. §12-105(b), and generally to Md. Code Ann., Fin. Inst. §12-101 et seq.
  • New Application
  • Amendment
  • Surrender
Collection Agency Branch License A separate Branch License is required for each branch location where a person does business as a collection agency. Refer specifically to Md. Code Ann., Bus. Reg. §7-302(c), and generally to Md. Code Ann., Bus. Reg. §7-101 et seq.
  • New Application
  • Amendment
  • Surrender
Consumer Loan Branch License A separate Branch License is required for each branch location of any person (defined in Md. Code Ann., Fin. Inst. §2-101) making loans under Md. Code Ann., Com. Law, §§ 12-103(a)(3) or (c) (Interest and Usury), 12-301 et seq. (Maryland Consumer Loan Law), 12-901 et seq. (Credit Grantor Open End Credit Provisions), and 12-1001 et seq. (Credit Grantor Closed End Credit Provisions). Refer specifically to Md. Code Ann., Fin. Inst. §11-203(b) and generally to Md. Code Ann., Fin. Inst. §11-201 et seq. for legal requirements.
  • New Application
  • Amendment
  • Surrender
Credit Services Business Branch License A separate Branch License is required for each branch location of any person (defined in Md. Code Ann., Com. Law §14-1901) acting as a credit services business (defined in Md. Code Ann., Com. Law §14-1901). Refer specifically to Md. Code Ann., Fin. Inst. §11-203.1(b) and generally to Md. Code Ann., Com. Law §14-1903, and Fin. Inst. §§11-302 and 11-201 et seq. for legal requirements.
  • New Application
  • Amendment
  • Surrender
Debt Management Branch License A separate Branch License is required for each branch location of any person providing debt management services (defined in Md. Code Ann., Fin. Inst. §12-901) to Maryland consumers. Refer specifically to Md. Code Ann., Fin. Inst. §12-906(b) and generally to Md. Code Ann., Fin. Inst. §12-901 et seq.
  • New Application
  • Amendment
  • Surrender
Installment Loan Branch License A separate Branch License is required for each branch location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who makes loans or extensions of credit, other than mortgage loans, under Md. Code Ann., Com. Law §§12-103(a)(3) or (c) (Interest and Usury), 12-901 et seq. (Open-End Credit Grantor), or 12-1001 et seq. (Closed-End Credit Grantor). Refer specifically to Md. Code Ann., Fin. Inst. §11-203.1(b) and generally to Md. Code Ann., Fin. Inst. §11-301 et seq. and Md. Code Ann., Com. Law §§12-103, 12-915, and 12-1015 for legal requirements.
  • New Application
  • Amendment
  • Surrender
Money Transmitter Branch License A separate Branch License is required for each location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in the business of money transmission, unless the person is an authorized delegate who is authorized by a licensee to engage in the business of money transmission under the name of a licensee at any location other than the place of business specified in the license. Refer specifically to Md. Code Ann., Fin. Inst. §11-505(b) and generally to Md. Code Ann., Fin. Inst. §12-401 et seq. for legal requirements.
  • New Application
  • Amendment
  • Surrender
Money Transmitter Self-Service Financial Kiosk A separate Self-Service Financial Kiosk License is required for each location of any stand-alone automated platform (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in the business of money transmission, unless the kiosk is owned and operated by an authorized delegate who is authorized by a licensee to engage in the business of money transmission under the name of a licensee at any location other than the place of business specified in the license. This license should only be applied for by a person that also holds or is applying for a Maryland Money Transmitter License. Refer to Md. Code Ann., Fin. Inst. §12-401 et seq. for legal requirements.
  • New Application
  • Amendment
  • Surrender
Mortgage Lender License (Branch) A separate Branch License is required for each location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages in the mortgage lending business (including the making or procuring of loans primarily for personal, family, or household use secured by a dwelling or residential real estate located outside of Maryland) as a lender, servicer, or broker. Refer specifically to Md. Code Ann., Fin. Inst. §11-505(b) and generally to Md. Code Ann., Fin. Inst. §11-501 et seq. for legal requirements.
  • New Application
  • Amendment
  • Surrender
Sales Finance Branch License A separate Branch License is required for each branch location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages, whether by purchase, discount, pledge, loan, or otherwise, in the business of acquiring, investing in, or lending money or credit on the security of any interest in (1) installment sale agreements made between other parties; (2) retail credit accounts (defined in CL §12-501), made between other parties; or (3) secured home improvement (defined in BR § 8-101) transactions, made between other parties. Refer specifically to Md. Code Ann., Fin. Inst. §11-403(b) and generally to Md. Ann. Code, Fin. Inst. §11-401 et seq., for legal requirements.
  • New Application
  • Amendment
  • Surrender
Individual Licenses Description Requirements Checklist
Affiliated Insurance Producer-Mortgage Loan Originator License An Affiliated Insurance Producer is an individual who originates mortgage loans (i.e. takes loan applications and/or offers or negotiates the terms of mortgage loans). An individual is eligible for this license if the individual: 1) originates mortgage loans only on behalf of a financial institution that is described in Md. Code Ann., Fin. Inst. Art. § 11-502(b)(1) that is approved by the Commissioner; 2) is a licensed insurance producer in good standing; and 3) holds an appointment as an insurance producer for an insurer that controls, is controlled by, or is under common control with either the financial institution described above or a mortgage lender licensee that is approved by the Commissioner and only originates loans for the financial institution described in Md. Code Ann., Fin. Inst. Art. § 11-502(b)(1) under an exclusive contract with that financial institution. Refer to Maryland Code, Financial Institutions Article, Title 11, Subtitle 6 (Maryland Mortgage Originator Law) for legal requirements. (More Details)
  • New Application
  • Amendment
  • Surrender
Mortgage Loan Originator License A Mortgage Loan Originator is an individual who for compensation or gain, or in the expectation of compensation or gain, takes a loan application or offers or negotiates the terms of a mortgage loan. Refer to Maryland Code, Financial Institutions Article, Title 11, Subtitle 6 (Maryland Mortgage Originator Law) for legal requirements. (More Details)
  • New Application
  • Amendment
  • Surrender

 

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What is the primary responsibility of the mortgage industry advisory board Michigan?

Per Statute and MIAB Bylaws, the objectives of the MIAB shall be: To communicate to the Director of DIFS (“Director”) issues of concern to the residential mortgage industry and shall review and make recommendations to the Director concerning all of the following: 1.

What is the name of the division responsible for the licensing regulation and enforcement of mortgage loan originators in Colorado?

The Division of Real Estate protects the consumer through the licensing, regulation and enforcement of licensed real estate professionals.

How do I get my mortgage license in Michigan?

Michigan Mortgage License Requirements.
Complete a Criminal Background Check (CBC)..
Authorize a credit report through the NMLS including the credit report fee is $15..
Fulfill all state and federal education requirements as designated by your state agency..
Take and pass a National Test..

How many types of mortgage company licenses are there in MI?

Types of Mortgage Licenses in Michigan Michigan has two major license type categories: Company and Individual.