Skip to Main Content

Debt Management Services - Financial Regulation

Last reviewed or updated: July 1, 2023

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 Md. Code Ann., Fin. Inst. §12-901 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 and for self-service financial kiosks 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.

Application Information and Documents

Laws, Rules, and Regulations

Applicants and licensees are expected to be knowledgeable about and in compliance with the Maryland Debt Management Services 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):