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Installment Loan Lenders - Financial Regulation

Last reviewed/updated: September 9, 2024

An Installment Loan Lender provides loans or extensions of credit repayable in scheduled periodic payments of principal and interest (specifically, loans or extension of credit made for consideration 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) ). 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 rely on its consumer loan license to make installment loans other than mortgage loans 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. §1-101) who makes loans or extensions of credit, 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), or 12-1001 et seq. (Credit Grantor Closed End Credit Provisions). Refer to for the foregoing provisions 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 these locations are disclosed to the Commissioner. 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.

List of Locations Engaging in Maryland Business

Laws, Rules, and Regulations

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