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Consumer Lenders - Financial Regulation

Last reviewed or updated: July 24, 2023

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 principal 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 Md. Code Ann., Fin. Inst. §11-201 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 they are disclosed to the Commissioner. To disclose these locations, the form below, or a list in substantially similar form, should be prepared and uploaded 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.

Laws, Rules, and Regulations

Applicants and licensees are expected to be knowledgeable about and in compliance with the Consumer Loan Law, 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):