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Collection Agencies - Financial Regulation

Last reviewed or updated: May 16, 2023

NOTICE: Effective July 1, 2023, Maryland will cease licensing branch locations. For more information, see our State Licensing Requirements in NMLS.

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 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

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.

Branch License Requirements and Fees

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):