Consumer & commercial lending in Maryland

Who needs this in Maryland

A company that makes consumer loans to Maryland residents generally needs a installment-loan or similar consumer-credit license from Maryland Office of the Commissioner of Financial Regulation when the product, rate, or amount crosses the state’s trigger. Banks and credit unions lending under a charter are usually exempt. Commercial-purpose loans often sit outside the consumer statute — confirm before you treat a business loan as unlicensed.

Where to file

Request the matching consumer-credit license on NMLS. File in Maryland because the borrower lives there, not because your office does.

Federal overlay

TILA / Regulation Z, ECOA, FCRA, and CFPB supervision sit on top of the state license. A state license does not create a federal charter.

Sources

• NMLS / CSBS state agency contacts