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Maryland Moves to Eliminate Branch License Requirements for Non-Depository Institutions

As of July 1, 2023, Maryland will no longer require consumer finance company licensees to license their branch locations. Maryland House Bill 686 was signed into law by Governor Wes Moore on May 8, 2023 to effectuate the regulatory change. Up until the July 1 effective date, non-depository institutions operating in Maryland remain subject to branch license requirements. This means that these institutions are required to obtain and maintain separate licenses for each branch location. However, as a result of the change, licensees will be able to conduct business at multiple locations under a single license. More ›