• New Maryland Laws Affecting Financial Services Providers
  • August 10, 2017 | Authors: Robert A. Gaumont; Lawrence D. Coppel; Marjorie A. Corwin; Christopher R. Rahl
  • Law Firm: Gordon Feinblatt LLC - Baltimore Office
  • Our annual Maryland Laws Update for Financial Services is coming soon. In the meantime, there are a few laws that already are or soon will be effective that could have an impact on business activities of financial services businesses. Copies of bills can be obtained through the Maryland General Assembly website. Let Margie Corwin know if you want additional information now about any of the following new laws.

    Unsecured Open End Consumer Credit Plans – Fees and Charges
    SB527 / HB1270 (Chapters 723 and 724)
    (effective July 1, 2017)
    These Acts limit certain fees and charges permitted for unsecured open end credit plans extended to consumer borrowers under Maryland’s Credit Grantor Revolving Credit Provisions. The Commissioner of Financial Regulation intends to enforce the lower interest rate limit beginning July 1, 2017 for new open end credit plans (see advisory here).

    Commercial Law – Consumer Protection – Door-to-Door Sales
    SB929 / HB959 (Chapters 93 and 94)
    (effective June 1, 2017)
    These Acts clarify, change, eliminate, and add exemptions found in the Maryland Door-to-Door Sales Act, including exemptions for a bona fide immediate personal emergency, to improve accessibility of the property for individuals who are mobility impaired, for transactions conducted through electronic communications, for certain buyer-initiated transactions, and for transactions resulting from certain written change orders.

    Maryland Licensing Using the Nationwide Mortgage Licensing System and Registry
    HB182 (Chapter 253)
    (effective July 1, 2017)
    This Act requires 7 categories of Maryland licensees to obtain their licenses annually and through the Nationwide Mortgage Licensing System and Registry (NMLS). Beginning July 1, 2017, new or renewal licensing must be accomplished through NMLS for: check cashers; collection agencies; consumer loan lenders; credit services businesses; debt management companies; installment lenders; and sales finance companies.

    Closed End Mortgage Lending – Elimination of Duplicative Disclosures
    SB392 (Chapter 484)
    (effective July 1, 2017)
    This Act establishes that disclosures provided by a mortgage lender licensee to a borrower in compliance with TRID will satisfy requirements under Maryland law to provide a Maryland financing agreement and Maryland commitment.