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Sales Finance Companies - Financial Regulation

Last reviewed/updated: September 9, 2024

A Sales Finance Company engages, whether by purchase, discount, pledge, loan, or otherwise, in the business of acquiring, investing in, or lending money or credit on the security of any interest in (1) installment sale agreements made between other parties; (2) retail credit accounts (defined in Md. Code Ann., Com. Law § 12-501) made between other parties; or (3)secured home improvement transactions (defined in Md. Code Ann., Bus. Reg. § 8-101) made between other parties. Refer to Md. Ann. Code, Fin. Inst. § 11-401 et seq., for legal requirements.

This license is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. § 11-401 et seq.) engaging in business as a sales finance company. 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.

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):