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Collection Agencies - Financial Regulation

Last reviewed/updated: August 5, 2024

A Collection Agency means a person who 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 includes a person who 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 principal executive office of any person (defined in Md. Code Ann., Bus. Reg. §1-101) doing business as a collection agency. Refer to Md. Code Ann., Bus. Reg. § 7-101 et seq. for legal requirements. For more detailed information on this license type please proceed to the NMLS Resource Center.

License Requirements and Fees

Effective July 1, 2023, individual licenses for locations other than the principal executive office are not required and will not be issued. Maryland business may be conducted at these locations under the license issued for the principal executive office if licensees disclose these locations to the State Collection Agency Licensing Board. To disclose these locations, prepare the form below, or a list in substantially similar form, and upload it to NMLS in accordance with the instructions on the form. A new form must be uploaded whenever an additional location is opened, closed, or moved, or if there is a change in a trade name used at an additional location.

Additional Information and Documents

October 26, 2021 Webinar - “Regulatory Updates and Industry Best Practices for the Modern Collection Agency in Maryland”
PRESENTATION MATERIALS:


Laws, Rules, and Regulations

Applicants and licensees are expected to be knowledgeable about and in compliance with the Maryland Collection Agency Licensing Act, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR).  Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):