Debt Management Services - Financial Regulation
Last reviewed or updated: July 1, 2023
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 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
- Debt Management Services Annual Report Template (Excel) – DUE ANNUALLY ON OR BEFORE APRIL 30th; this report is mandated by statute and shall be filed with the Office of Financial Regulation.
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):
- Maryland Code, Financial Institutions Article, Title 12, Subtitle 9 (Maryland Debt Management Services Act)
- COMAR 09.03.02.08 (Remote Work for Employees of Licensees)