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*hb1355*
HOUSE BILL 1355
I1 6lr3118
CF SB 662
By: Delegate Amprey
Introduced and read first time: February 12, 2026
Assigned to: Economic Matters
Committee Report: Favorable
House action: Adopted
Read second time: March 3, 2026
CHAPTER ______
AN ACT concerning 1
Financial Institutions – Payment Stablecoin Services – Establishment and 2
Regulation 3
(Maryland Stablecoin Act) 4
FOR the purpose of altering the examination fee for a new commercial bank charter; 5
requiring a certain nondepository trust company to include certain disclosures in its 6
articles of incorporation; exempting from certain provisions of law a certain 7
nondepository trust company authorized to provide certain services by the 8
Commissioner of Financial Regulation; authorizing a certain nondepository trust 9
company to request that the Commissioner reduce the capital stock requirements 10
under certain circumstances; establishing a regulatory and legal framework for 11
entities in the State to serve as State issuers of stablecoin –related services or as 12
payment stablecoin services institutions; and generally relating to payment 13
stablecoin services in the State. 14
BY repealing and reenacting, with amendments, 15
Article – Financial Institutions 16
Section 2 –105.1(c)(1), 2 –108(a)(1), 2 –113(d), 3 –101, 3 –102, 3 –202, 3 –206, 3 –207, 17
3–209, 3–211.1(b), 5–203(c), 6–101, and 6–312 18
Annotated Code of Maryland 19
(2020 Replacement Volume and 2025 Supplement) 20
BY adding to 21
Article – Financial Institutions 22
2 HOUSE BILL 1355
Section 14 –101 through 14 –603 to be under the new title “Title 14. Maryland 1
Stablecoin Act” 2
Annotated Code of Maryland 3
(2020 Replacement Volume and 2025 Supplement) 4
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 5
That the Laws of Maryland read as follows: 6
Article – Financial Institutions 7
2–105.1. 8
(c) (1) The Commissioner may participate in NMLS for: 9
(i) Collection agencies; 10
(ii) Debt management services providers; 11
(iii) Mortgage lenders; 12
(iv) Mortgage originators; 13
(v) Persons who engage in money transmission; 14
(vi) Persons who are required to be licensed under Title 11, Subtitle 15
2 of this article; 16
(vii) Persons who are required to be li censed under Title 11, Subtitle 17
3 of this article; 18
(viii) Persons who are required to be licensed under Title 12, Subtitle 19
1 of this article; 20
(ix) Persons who are required to be licensed under Title 14, Subtitle 21
19 of the Commercial Law Article; 22
(x) Sales finance companies; [and] 23
(xi) Consumer reporting agencies; AND 24
(XII) PERSONS WHO ENGAGE IN BUSINESS UNDER TITLE 14 OF 25
THIS ARTICLE. 26
2–108. 27
HOUSE BILL 1355 3
(a) The Commissioner shall charge and collect, in advance, the following 1
nonrefundable fees: 2
(1) An examination fee for a new commercial bank charter under § 3 –203 3
of this article..................................................................................................[$15,000] $7,000 4
2–113. 5
(d) Except as provided in §§ 2–113.1 and 2–117 of this subtitle AND § 14–601 OF 6
THIS ARTICLE, the provisions of §§ 2–114 through 2–117, inclusive, of this subtitle do not 7
apply to: 8
(1) Any bank, trust company, savings bank, savings and loan association, 9
or credit union incorporated or chartered under the laws of this State or the United States 10
that maintains its principal office in this State; 11
(2) Any out–of–state bank, as defined in § 5 –1001 of this article, having a 12
branch that accepts deposits in this State; 13
(3) Any institution incorporated under federal law as a savings association 14
or savings bank that does not maintain its principal office in this State but has a branch 15
that accepts deposits in this State; or 16
(4) An affiliate of an institution described in item (1), (2), or (3) of th is 17
subsection over which the Commissioner has no jurisdiction. 18
3–101. 19
(a) In this title the following words have the meanings indicated. 20
(b) “Capital stock” includes both common and preferred stock of a commercial 21
bank. 22
(c) “Debt instrument” means any capital note, debenture, bond, or certificate of 23
beneficial interest issued by a commercial bank. 24
(d) “Inhabitants” means the population of a municipal area, as determined by the 25
latest federal or State census. 26
(e) “Nondepository trust company” means a trust company that is not insured by 27
the Federal Deposit Insurance Corporation. 28
(F) “PAYMENT STABLECOIN –RELATED SERVICES ” HAS THE MEANING 29
STATED IN § 14–101 OF THIS ARTICLE. 30
4 HOUSE BILL 1355
(G) “PAYMENT STABLECOIN SE RVICES INSTITUTION ” HAS THE MEANING 1
STATED IN § 14–101 OF THIS ARTICLE. 2
(H) “PERMITTED PAYMENT STA BLECOIN ISSUER ” HAS THE MEANING 3
STATED IN § 14–101 OF THIS ARTICLE. 4
[(f)] (I) “State bank” means an institution that is incorporated under the laws 5
of this State as a bank. 6
(J) “STATE ISSUER ” HAS THE MEANING STATED IN § 14–101 OF THIS 7
ARTICLE. 8
[(g)] (K) “Trust company” means an institution that is incorporated under the 9
laws of this State as a trust company. 10
3–102. 11
(A) [Every] EXCEPT AS PROVIDED IN SUBSECTIONS (B) AND (C) OF THIS 12
SECTION, EVERY trust company has the powers granted by, and is subject to, the 13
provisions of this article that relate to trust companies. [However, except] 14
(B) EXCEPT as provided in § 3 –209(b) of this title as to the establishment of 15
branches, the provisions of this article do not repeal, modify, or affect any special right, 16
privilege, or power given by charter to a trust company that was organized and doing 17
business before April 8, 1910. 18
(C) IN ACCORDANCE WITH TITLE 14 OF THIS ARTICLE, THE COMMISSIONER 19
SHALL GRANT A NONDEPOSITORY TRUS T COMPANY THE POWER TO ENGAGE IN 20
BUSINESS UNDER TITLE 14 OF THIS ARTICLE. 21
3–202. 22
(a) The incorporators shall sign and acknowledge two copies of articles of 23
incorporation. 24
(b) The articles of incorporation shall include: 25
(1) The name and address of each incorporator; 26
(2) A statement that: 27
(i) Each incorporator is at least 18 years old; 28
(ii) Each incorporator is a citizen of the United States; and 29
HOUSE BILL 1355 5
(iii) At least one of the incorporators is a citizen of this State; 1
(3) A statement that the incorporators are associating to form a State bank 2
or a trust company under this subtitle; 3
(4) The name of the State bank or trust company, which may not be similar 4
in any material respect to the name of any other bank or trust company in this State; 5
(5) The municipal area and county where the principal banking office of 6
the State bank or trust company is to be located; 7
(6) The number of directors and the names and residence addresses of 8
those who will serve as directors until their successors are elected and qualify; [and] 9
(7) As to its capital stock: 10
(i) The total number of shares that the State bank or trust company 11
has authority to issue; 12
(ii) The par value of the shares, which may not be less than $10 a 13
share; and 14
(iii) The total par value of all shares; AND 15
(8) FOR A NONDEPOSITORY TRUST COMPANY THAT INTENDS TO SEEK 16
THE COMMISSIONER’S AUTHORIZATION TO E NGAGE IN BUSINESS UND ER TITLE 14 17
OF THIS ARTICLE: 18
(I) A DISCLOSURE THAT THE NONDEPOSITORY TRUST 19
COMPANY WILL SEEK TH E REQUIRED AUTHORIZATION FROM THE COMMISSIONER; 20
AND 21
(II) ANY ADDITIONAL INFORM ATION REQUESTED BY T HE 22
COMMISSIONER OR REQUIRED UNDER TITLE 14 OF THIS ARTICLE. 23
(c) The articles of incorporation may include: 24
(1) Any provision that requires for any purpose the concurrence of a greater 25
proportion of the votes of all classes or of any class of capital stock than the proportion 26
required by this article for that purpose; and 27
(2) Any provision that defines, limits, or denies the preemptive rights of 28
stockholders to acquire additional stock of the State bank or trust company. 29
3–206. 30
6 HOUSE BILL 1355
(a) Except as otherwise provided in this article, a commercial bank has all of the 1
general powers granted to Maryland corporations under the Maryland General Corporation 2
Law. 3
(b) In addition to the powers set forth elsewhere in this article, a commercial bank 4
may: 5
(1) Receive deposits of money on which interest may be paid; 6
(2) Buy and sell coin and bullion; 7
(3) Buy and sell foreign and domestic exchange; 8
(4) Subject to § 3–604 of this title, accept drafts drawn on it; 9
(5) Issue letters of credit that authorize the holder to draw drafts on i t or 10
on its correspondents payable at sight or at a time not exceeding 1 year; 11
(6) Issue its debt instruments for money that is borrowed or received on 12
deposit or for investment; 13
(7) Lend money on personal security or on real or personal property; 14
(8) Subject to § 3 –605 of this title, become owner and lessor of personal 15
property; 16
(9) Subject to § 5 –503 of this article, buy, hold, lease, and convey real 17
property; 18
(10) Pledge collateral to secure deposits of: 19
(i) The federal government or its agencies; or 20
(ii) Any state or its political subdivisions; 21
(11) Pledge securities to secure the money of an estate administered under 22
the federal bankruptcy laws; 23
(12) Without being deemed a branch of a depository institution affiliate, act 24
in accordance with § 101(d) of the Riegle –Neal Interstate Banking and Branching 25
Efficiency Act of 1994, as agent of any depository institution affiliate in: 26
(i) Receiving deposits; 27
(ii) Renewing time deposits; 28
(iii) Closing loans; 29
HOUSE BILL 1355 7
(iv) Servicing loans; or 1
(v) Receiving payments on loans and other obligations; and 2
(13) Exercise all of the powers usual in carrying on a banking business. 3
(C) (1) IN THIS SUBSECTION , “APPROPRIATE FEDERAL BANKING 4
AGENCY” HAS THE MEANING STATED IN THE FEDERAL DEPOSIT INSURANCE ACT. 5
(2) THIS SUBSECTION DOES NOT APPLY TO A NONDEPOSITORY TRUST 6
COMPANY AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH TITLE 14 OF 7
THIS ARTICLE TO ENGAGE IN BUSINESS AS: 8
(I) A STATE ISSUER; OR 9
(II) A PAYMENT STABLECOIN SERVICES INSTITUTION. 10
(3) A COMMERCIAL BANK SHAL L NOTIFY THE COMMISSIONER IN 11
ACCORDANCE WITH THE PROCESS ESTABLISHED BY THE COMMISSIONER IN 12
REGULATION PRIOR TO: 13
(I) SEEKING AUTHORIZATION FROM THE APPROPRIATE 14
FEDERAL BANKING AGEN CY TO BECOME A PERMI TTED PAYMENT STABLEC OIN 15
ISSUER; OR 16
(II) PROVIDING PAYMENT STA BLECOIN–RELATED SERVICES 17
PERMITTED BY APPLICABLE STATE AND FEDERAL LAW. 18
3–207. 19
(A) THIS SECTION DOES NOT APPLY TO A NONDEPOSITORY TRUST COMPANY 20
AUTHORIZED BY THE COMMISSIONER IN ACCOR DANCE WITH TITLE 14 OF THIS 21
ARTICLE TO ENGAGE IN BUSINESS AS: 22
(1) A STATE ISSUER; OR 23
(2) A PAYMENT STABLECOIN SERVICES INSTITUTION. 24
(B) In addition to the powers set forth elsewhere in this article, a trust company 25
may: 26
(1) Receive deposits of money, securities, and other personal property from 27
any person; 28
8 HOUSE BILL 1355
(2) Act as the agent of any foreign or Maryland corporation for any lawful 1
purpose; 2
(3) Act as the fiscal or transfer agent of any state, any political subdivision 3
of any state, or any corporation; 4
(4) Accept and execute any trust and any powers that are conferred on or 5
entrusted to it in any manner, including any grant, assignment, transfer, devise, or bequest 6
by any person or by order of a court; 7
(5) Accept and hold trust property; 8
(6) Act as trustee under a mortgage or bond issue of a corporation or 9
political subdivision; 10
(7) Act as personal representative of the estate of any deceased individual; 11
and 12
(8) Act as guardian, receiver, or trustee of the estate of any person under 13
order or appointment of a court and as depositary of money paid to the court for the benefit 14
of the person. 15
3–209. 16
(a) (1) Before the Commissioner issues a certificate to do business, the 17
required capital stock and the required surplus shall be paid in full. 18
(2) [A] EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, A 19
commercial bank shall have required capital stock that equals at least: 20
(i) $750,000, if it is in a municipal area with not more than 50,000 21
inhabitants; and 22
(ii) $1.5 million, if it is in a municipal area with more than 50,000 23
inhabitants. 24
(3) A commercial bank shall have a surplus in an amount that equals at 25
least 20 percent of its required capital stock. 26
(b) (1) Before a commercial bank establishes a branch, the commercial bank 27
shall have capital stock and surplus as provided in this subsection. 28
(2) For a branch that is to be located inside the municipal area of the 29
principal banking office of the commercial bank, the commercial bank shall have capital 30
stock and surplus that equal at least the sum of the amounts required by subsection (a) of 31
this section. 32
HOUSE BILL 1355 9
(3) For a branch that is to be located outside the municipal area of the 1
principal banking office of the commercial bank, the commercial bank shall have cap ital 2
stock and surplus that equal at least the sum of: 3
(i) The amount required by subsection (a) of this section; and 4
(ii) 1. $120,000, if it is in a municipal area with not more than 5
25,000 inhabitants; 6
2. $180,000, if it is in a municipal area with more than 25,000 7
and not more than 100,000 inhabitants; 8
3. $240,000, if it is in a municipal area with more than 9
100,000 and not more than 250,000 inhabitants; and 10
4. $900,000, if it is in a municipal area with more than 11
250,000 inhabitants. 12
(c) Unless otherwise provided by law, the unimpaired capital and surplus of a 13
commercial bank include its debt instruments issued under § 3–312 of this title. 14
(D) (1) (I) A NONDEPOSITORY TRUST COMPANY MAY RE QUEST THAT 15
THE COMMISSIONER REDUCE T HE CAPITAL STOCK REQ UIREMENTS FOR THAT 16
NONDEPOSITORY TRUST COMPANY. 17
(II) INCORPORATORS SEEKING TO FORM A NONDEPOSIT ORY 18
TRUST COMPANY MAY MA KE A REQUEST IN ACCO RDANCE WITH THIS PAR AGRAPH 19
PRIOR TO FILING ARTICLES OF INCORPORATION. 20
(III) A NONDEPOSITORY TRUST COMPANY MAKING A REQ UEST 21
UNDER THIS PARAGRAPH SHALL PROVIDE THE COMMISSIONER WITH ALL 22
INFORMATION THAT THE COMMISSIONER REQUIRES. 23
(2) IN RESPONSE TO A REQU EST UNDER PARAGRAPH (1) OF THIS 24
SUBSECTION, THE COMMISSIONER MAY REDU CE THE AMOUNT OF CAP ITAL STOCK 25
REQUIRED FOR A NONDEPOSITORY TRUST COMPANY IF THE REDUCTION DOES NOT 26
IMPAIR THE NONDEPOSITORY TRUST COMPANY’S SAFETY, SOUNDNESS, AND ABILITY 27
TO OPERATE EFFICIENTLY. 28
(3) THE COMMISSIONER MAY IMPOSE ADDITIONA L REQUIREMENTS 29
AS A CONDITION FOR APPROVAL OF A REQUEST UNDER THIS SUBSECTION. 30
3–211.1. 31
10 HOUSE BILL 1355
(b) (1) A nondepository trust company shall pledge securities or deliver a 1
surety bond to the Commissioner, for the benefit of the Commissioner, to defray the costs 2
of a receivership. 3
(2) (I) THIS PARAGRAPH DOES N OT APPLY TO A NONDEP OSITORY 4
TRUST COMPANY THAT ENGAGES IN BUSINESS UNDER TITLE 14 OF THIS ARTICLE. 5
(II) The amount of the securities or surety bond shall be determined 6
by the Commi ssioner in an amount that the Commissioner deems appropriate to defray 7
such costs, but in no event shall the amount exceed: 8
[(i)] 1. $1,000,000 for a nondepository trust company with a 9
composite rating, using the Uniform Interagency Trust Rating System, of 1 or 2; or 10
[(ii)] 2. $3,000,000 for a nondepository trust company with a 11
composite rating, using the Uniform Interagency Trust Rating System, of 3, 4, or 5. 12
5–203. 13
(c) (1) Except as provided in [paragraph] PARAGRAPHS (2) AND (4) of this 14
subsection, the Commissioner shall assess each banking institution the sum of: 15
(i) $8,000; plus 16
(ii) 1. 12 cents for each $1,000 of the assets of the institution over 17
$50,000,000, but not more than $250,000,000; 18
2. 10 cents for each $ 1,000 of assets over $250,000,000, but 19
not more than $500,000,000; 20
3. 9 cents for each $1,000 of assets over $500,000,000, but not 21
more than $1,000,000,000; 22
4. 8 cents for each $1,000 of assets over $1,000,000,000, but 23
not more than $10,000,000,000; and 24
5. 7 cents for each $1,000 of assets over $10,000,000,000. 25
(2) If a banking institution is not in the business of accepting deposits or 26
retaining funds in a deposit account as defined in § 5 –509 of this title, the Commissioner 27
shall assess the banking institution the sum of: 28
(i) $5,000; plus 29
(ii) 1. 0.3 cents for each $1,000 of managed assets held in a 30
fiduciary capacity up to $5,000,000,000; 31
HOUSE BILL 1355 11
2. 0.2 cents for each $1,000 of managed assets held in a 1
fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000; 2
3. 0.1 cent for each $1,000 of managed assets held in a 3
fiduciary capacity over $20,000,000,000 up to $27,500,000,000; 4
4. 0.2 cents for each $1,000 of nonmanaged and custodial 5
assets held in a fiduciary capacity up to $5,000,000,000; and 6
5. 0.1 cent for each $1,000 of nonmanaged and custodial 7
assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000. 8
(3) The assessments shall be based o n assets stated in a banking 9
institution’s most recent financial report. 10
(4) THE COMMISSIONER SHALL DETERMINE THE ASSESSMENTS FOR 11
BANKING INSTITUTIONS ENGAGING IN BUSINESS UNDER TITLE 14 OF THIS ARTICLE 12
BY REGULATION. 13
6–101. 14
(a) In this title the following words have the meanings indicated. 15
(b) “Board” means the board of directors of a credit union. 16
(c) (1) “Branch” means a credit union office at which shares or deposits are 17
received, share drafts or checks are paid, or money is lent. 18
(2) “Branch” includes a mobile branch or other special–purpose facility that 19
performs a function of a branch. 20
(3) “Branch” does not include an automated teller machine as defined in § 21
1–401(d) of this article. 22
(d) “Credit union” means a cooperative, nonprofit financial institution organized 23
under this title to conduct business in the State. 24
(e) “Credit union service organization” means an entity formed to engage in 25
activities that: 26
(1) Are incidental to the conduct of the business of a credit union; 27
(2) Advance or facilitate the purposes of a credit union; and 28
(3) Primarily serve a credit union and its members. 29
12 HOUSE BILL 1355
(f) (1) “Credit union share guaranty corporation” means a corporation 1
engaged in the business of guaranteeing or insuring payment of a credi t union share or 2
deposit account. 3
(2) “Credit union share guaranty corporation” includes the Credit Union 4
Insurance Corporation established under Title 7 of this article. 5
(g) “Deposit account” means a balance held by a credit union on which a 6
contractual rate of interest may be paid as a debt owed by the credit union to the depositor. 7
(h) “Fixed assets” includes land, buildings, leasehold improvements, furniture, 8
fixtures, and equipment used in the conduct of the regular business of a credit union. 9
(i) “Member in good standing” means a member who: 10
(1) Owns at least one share in a credit union; 11
(2) Is current on all credit obligations to the credit union; and 12
(3) Has not caused the credit union a credit or deposit loss that is currently 13
outstanding. 14
(j) “Officer” means any officer that a Maryland corporation is required or 15
permitted to have under § 2–412 of the Corporations and Associations Article. 16
(k) “Official” means: 17
(1) A director; 18
(2) A member of a credit committee; or 19
(3) A member of a supervisory committee. 20
(l) “Out–of–state credit union” means: 21
(1) A federal credit union with its main office in a state other than this 22
State; or 23
(2) A credit union chartered and primarily regulated by another state. 24
(M) “PAYMENT S TABLECOIN–RELATED SERVICES ” HAS THE MEANING 25
STATED IN § 14–101 OF THIS ARTICLE. 26
(N) “PAYMENT STABLECOIN SE RVICES INSTITUTION ” HAS THE MEANING 27
STATED IN § 14–101 OF THIS ARTICLE. 28
HOUSE BILL 1355 13
(O) “PERMITTED PAYMENT STA BLECOIN ISSUER ” HAS THE MEANING 1
STATED IN § 14–101 OF THIS ARTICLE. 2
[(m)] (P) “Share” or “share account” means a balance held by a credit union on 3
which a dividend may be paid and which confers membership and voting rights on the 4
member. 5
6–312. 6
(A) In addition to the powers set forth elsewhere in this title, a credit union may: 7
(1) Receive the shares and deposits of its members; 8
(2) Lend money to its members; 9
(3) Invest funds as provided in this title; and 10
(4) Undertake other activities that: 11
(i) Are consistent with this title; 12
(ii) Relate to its purposes; and 13
(iii) Are authorized by its bylaws. 14
(B) (1) IN THIS SUBSECTION , “APPROPRIATE FEDERAL BANKING 15
AGENCY” HAS THE MEANING STATED IN THE FEDERAL DEPOSIT INSURANCE ACT. 16
(2) THIS SUBSECTION DOES NOT APPLY TO A CREDIT UNION SERVICE 17
ORGANIZATION AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH TITLE 18
14 OF THIS ARTICLE TO ENGAGE IN BUSINESS AS A PAYMENT STABLECOIN SERVICES 19
INSTITUTION. 20
(3) A CREDIT UNION SHALL N OTIFY THE COMMISSIONER IN 21
ACCORDANCE WITH THE PROCESS ESTABLIS HED BY THE COMMISSIONER IN 22
REGULATION PRIOR TO: 23
(I) SEEKING AUTHORIZATION FROM THE APPROPRIATE 24
FEDERAL BANKING AGEN CY TO BECOME A PERMI TTED PAYMENT STABLEC OIN 25
ISSUER; OR 26
(II) PROVIDING PAYMENT STA BLECOIN–RELATED SERVICES 27
PERMITTED BY APPLICABLE STATE AND FEDERAL LAW. 28
TITLE 14. MARYLAND STABLECOIN ACT. 29
14 HOUSE BILL 1355
SUBTITLE 1. GENERAL PROVISIONS. 1
14–101. 2
(A) IN THIS TITLE THE FOL LOWING WORDS HAVE TH E MEANINGS 3
INDICATED. 4
(B) “APPLICANT” MEANS A NONDEPOSITORY TRUST COMPANY OR A CREDIT 5
UNION SERVICE ORGANI ZATION THAT APPLIES TO THE COMMISSIONER FOR 6
AUTHORITY TO ENGAGE IN BUSINESS UNDER THIS TITLE. 7
(C) “BOARD” HAS THE MEANING STATED IN THE FEDERAL GENIUS ACT OF 8
2025. 9
(D) “CERTIFICATE” MEANS A CERTIFICATE ISSUED BY THE COMMISSIONER 10
TO AN APPLICANT IN ACCORDANCE WITH § 14–307 OF THIS TITLE. 11
(E) “CERTIFICATE HOLDER” MEANS A NONDEPOSITOR Y TRUST COMPANY 12
OR A CREDIT UNION SE RVICE ORGANIZATION I SSUED A CERTIFICATE UNDER THIS 13
TITLE. 14
(F) “CONSUMER” MEANS AN INDIVI DUAL WHO ENTERS INTO A 15
TRANSACTION FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES. 16
(G) “CREDIT UNION SERVICE ORGANIZATION” HAS THE MEANING STAT ED 17
IN § 6–101 OF THIS ARTICLE. 18
(H) “KEY INDIVIDUAL” MEANS ANY INDIVIDUAL ULTIMATELY RESPONSIBLE 19
FOR ESTABLISHING OR DIRECTING POLICIES, PROCEDURES, AND CONTROL OF: 20
(1) A NONDEPOSITORY TRUST COMPANY; OR 21
(2) A CREDIT UNION SERVICE ORGANIZATION. 22
(I) “MONETARY VALUE ” HAS THE MEANING STAT ED IN THE FEDERAL 23
GENIUS ACT OF 2025. 24
(J) “NONDEPOSITORY TRUST COMPANY” HAS THE MEANING STAT ED IN § 25
3–101 OF THIS ARTICLE. 26
(K) “OFFICE” MEANS THE OFFICE OF FINANCIAL REGULATION 27
ESTABLISHED UNDER § 2–101 OF THIS ARTICLE. 28
HOUSE BILL 1355 15
(L) “PAYMENT STABLECOIN” HAS THE MEANING STAT ED IN THE FEDERAL 1
GENIUS ACT OF 2025. 2
(M) (1) “PAYMENT STABLECOIN–RELATED SERVICES” MEANS: 3
(I) EXCHANGING PAYMENT ST ABLECOIN FOR MONETAR Y 4
VALUE; 5
(II) PROVIDING CUSTODIAL O R SAFEKEEPING SERVIC ES TO 6
PERMITTED PAYMENT ST ABLECOIN ISSUERS IN ACCORDANCE WITH 12 U.S.C. § 7
5909; 8
(III) MANAGING REQUIRED RESERVE A SSETS FOR PERMITTED 9
PAYMENT STABLECOIN ISSUERS, INCLUDING PURCHASING, SELLING, AND HOLDING 10
SUCH RESERVE ASSETS CONSISTENT WITH STATE AND FEDERAL LAW; 11
(IV) PROVIDING CUSTODIAL O R SAFEKEEPING SERVIC ES FOR 12
PAYMENT STABLECOINS OR PRIVATE KEYS OF PAYMENT ST ABLECOIN CONSISTENT 13
WITH THE FEDERAL GENIUS ACT OF 2025; OR 14
(V) UNDERTAKING ANY OTHER ACTIVITIES THAT: 15
1. FACILITATE THE USE OF STABLECOIN IN 16
ACCORDANCE WITH THE FEDERAL GENIUS ACT OF 2025; 17
2. ARE NOT INCONSISTENT WITH THE FEDERAL 18
GENIUS ACT OF 2025; AND 19
3. ARE AUTHORIZED BY THE COMMISSIONER IN 20
WRITING. 21
(2) “PAYMENT STABLECOIN –RELATED SERVICES ” DOES NOT 22
INCLUDE ISSUING PAYMENT STABLECOIN. 23
(N) “PAYMENT STABLECOIN SE RVICES INSTITUTION ” MEANS A 24
NONDEPOSITORY TRUST COMPANY OR A CREDIT UNION SERVICE ORGANIZATION: 25
(1) PRIMARILY ENGAGED IN THE BUSINESS OF PROVIDING PAYMENT 26
STABLECOIN–RELATED SERVICES; AND 27
(2) AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH THIS 28
TITLE TO PROVIDE PAYMENT STABLECOIN–RELATED SERVICES. 29
16 HOUSE BILL 1355
(O) “PERMITTED PAYMENT STA BLECOIN ISSUER ” HAS THE MEANING 1
STATED IN THE FEDERAL GENIUS ACT OF 2025. 2
(P) “STATE ISSUER ” MEANS A NONDEPOSITOR Y TRUST COMPANY 3
AUTHORIZED BY THE COMMISSIONER IN ACCORDANCE WITH THIS TITLE TO BECOME 4
A STATE QUALIFIED PAYMENT STABLECOIN ISSUER. 5
(Q) “STATE PAYMENT STABLEC OIN REGULATOR ” HAS THE MEANING 6
STATED IN THE FEDERAL GENIUS ACT OF 2025. 7
(R) “STATE QUALIFIED PAYMENT STABLECOIN ISSUER” HAS THE MEANING 8
STATED IN THE FEDERAL GENIUS ACT OF 2025. 9
14–102. 10
THE PROVISIONS OF THIS TITLE APPLY TO: 11
(1) A NONDEPOSITORY TRUST COMPANY SEEKING TO E NGAGE IN 12
BUSINESS AS: 13
(I) A STATE ISSUER; OR 14
(II) A PAYMENT STABLECOIN SERVICES INSTITUTION; AND 15
(2) A CREDIT UNION SERVICE ORGANIZATION SEEKING TO ENGAGE IN 16
BUSINESS AS A PAYMENT STABLECOIN SERVICES INSTITUTION. 17
SUBTITLE 2. FORMATION AND POWERS. 18
14–201. 19
(A) THE OFFICE SHALL BE THE STATE PAYMENT STABLECOIN REGULATOR 20
IN THE STATE. 21
(B) THE COMMISSIONER SHALL APPLY FOR CERTIFICATION OF THE OFFICE 22
AS A STATE PAYMENT STABLEC OIN REGULATOR IN ACC ORDANCE WITH 23
PROCEDURES ESTABLISHED IN THE FEDERAL GENIUS ACT OF 2025. 24
(C) IN ACCORDANCE WITH TH IS TITLE, THE COMMISSIONER MAY ISSU E A 25
CERTIFICATE AUTHORIZING: 26
(1) A NONDEPOSITORY TRUST COMPANY TO ENGAGE IN BUSINESS AS: 27
HOUSE BILL 1355 17
(I) A PAYMENT STABLECOIN SERVICES INSTITUTION; OR 1
(II) A STATE ISSUER; OR 2
(2) A CREDIT UNION SERVICE ORGANIZATION TO ENGA GE IN 3
BUSINESS AS A PAYMENT STABLECOIN SERVICES INSTITUTION. 4
(D) TO THE EXTENT NOT OTH ERWISE PROHIBITED BY LAW, THE 5
COMMISSIONER MAY GRAN T TO ANY APPLICANT T HOSE POWERS THE 6
COMMISSIONER DEEMS NECESSARY TO FACILITATE THE PRODUCTS AND SERVICES 7
THAT THE COMMISSIONER APPROVES UNDER THIS TITLE. 8
(E) IN ADDITION TO THE AUTHORITY TO SHARE INFORMATION GRANTED TO 9
THE COMMISSIONER IN THIS ARTICLE, THE COMMISSIONER MAY: 10
(1) SHARE INFORMATION CONCERNING ANY STATE ISSUER WITH THE 11
BOARD IN A MANNER CONSISTENT WITH THE FEDERAL GENIUS ACT OF 2025; AND 12
(2) ENTER INTO AN INFORMATIO N–SHARING AGREEMENT UN DER § 13
2–117 OF THIS ARTICLE WITH ANY STATE OR FEDERAL REGU LATORY AGENCY 14
HAVING AUTHORITY OVER A CERTIFICATE HOLDER. 15
(F) (1) THE COMMISSIONER MAY ADOPT REGULATIONS TO: 16
(I) CARRY OUT THE PROVISIONS OF THIS TITLE; 17
(II) ENSURE THAT ANY ACTIV ITIES, PRODUCTS, OR SERVICES 18
AUTHORIZED IN ACCORDANCE WITH THIS TITLE ARE CONDUCTED IN A SAFE, SOUND, 19
AND EFFICIENT MANNER; AND 20
(III) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION , 21
FACILITATE CERTIFICATION OF THE OFFICE AS THE STATE PAYMENT STABLECOIN 22
REGULATOR. 23
(2) TO FACILITATE CERTIFI CATION OF THE OFFICE AS THE STATE 24
PAYMENT STABLECOIN R EGULATOR, THE COMMISSIONER MAY ADOP T 25
REGULATIONS GOVERNIN G NONDEPOSITORY TRUS T COMPANIES SEEKING 26
AUTHORITY TO ACT AS A STATE ISS UER THAT WAIVE OR MO DIFY THE 27
REQUIREMENTS OF TITLES 3 AND 4 OF THIS ARTICLE. 28
14–202. 29
18 HOUSE BILL 1355
EXCEPT AS OTHERWISE P ROVIDED IN THIS TITL E OR IN REGULATIONS 1
ADOPTED BY THE COMMISSIONER: 2
(1) TITLE 3 OF THIS ARTICLE SHAL L GOVERN THE FORMATI ON OF A 3
NONDEPOSITORY T RUST COMPANY INTENDI NG TO ENGAGE IN BUSI NESS UNDER 4
THIS TITLE; AND 5
(2) ALL APPLICABLE PROVIS IONS OF TITLES 3 AND 5 OF THIS 6
ARTICLE APPLY TO A N ONDEPOSITORY TRUST C OMPANY ENGAGING IN B USINESS 7
UNDER THIS TITLE. 8
14–203. 9
(A) EXCEPT AS OTHERWISE P ROVIDED IN THIS TITLE OR IN REGULATIONS 10
ADOPTED BY THE COMMISSIONER: 11
(1) § 6–706 OF THIS ARTICLE SHAL L GOVERN THE FORMATI ON OF A 12
CREDIT UNION SERVICE ORGANIZATION INTENDI NG TO ENGAGE IN BUSI NESS 13
UNDER THIS TITLE; AND 14
(2) ALL APPLICABLE PROVIS IONS OF TITLE 6 OF THIS ARTICLE 15
APPLY TO A CREDIT UNION SERVICE ORGANIZATION ENGAGING IN BUSINESS UNDER 16
THIS TITLE. 17
(B) THE COMMISSIONER MAY EXAM INE A CREDIT UNION S ERVICE 18
ORGANIZATION ENGAGED IN BUSINESS UNDER TH IS TITLE SEPARATELY OR 19
TOGETHER WITH AN EXAMINATION OF THE CREDIT UNION. 20
14–204. 21
(A) A CERTIFICATE HOLDER M AY EXERCISE ONLY POW ERS THAT THE 22
COMMISSIONER: 23
(1) GRANTS IN ACCORDANCE WITH THIS TITLE; AND 24
(2) LISTS IN THE CERTIFICATE. 25
(B) AN APPLICANT MAY NOT ENGAGE IN BUSINESS U NDER THIS TITLE 26
WITHOUT A CERTIFICATE ISSUED IN ACCORDANCE WITH THIS TITLE. 27
SUBTITLE 3. APPLICATION PROCEDURES. 28
14–301. 29
HOUSE BILL 1355 19
FOR AN APPLICANT TO Q UALIFY FOR A CERTIFI CATE, THE COMMISSIONER 1
SHALL DETERMINE THAT THE APPLICANT IS OF GOOD MORAL CHARACTER AND HAS 2
SUFFICIENT FINANCIAL RESPONSIBILITY, BUSINESS EXPERIENCE , AND GENERAL 3
FITNESS TO: 4
(1) ENGAGE IN BUSINESS UN DER THIS TITLE IN A SAFE AND SOUND 5
MANNER; 6
(2) WARRANT THE BELIEF THAT THE BUSINESS WILL BE CONDUCTED 7
LAWFULLY, HONESTLY, FAIRLY, AND EFFICIENTLY; AND 8
(3) COMMAND THE CONFIDENCE OF THE PUBLIC. 9
14–302. 10
(A) AN APPLICANT SHALL CO MPLETE, SIGN, AND SUBMIT TO THE 11
COMMISSIONER AN APPLI CATION MADE UNDER OA TH IN THE FORM AND I N 12
ACCORDANCE WITH THE PROCESS THAT THE COMMISSIONER REQUIRES. 13
(B) IN ADDITION TO INFORM ATION LI STED IN THE APPLICAT ION FORM 14
PROVIDED BY THE COMMISSIONER, AN APPLICANT SHALL P ROVIDE TO THE 15
COMMISSIONER: 16
(1) A BUSINESS PLAN; 17
(2) BIOGRAPHICAL INFORMATION OF ALL KEY INDIVIDUALS; 18
(3) ANY INFORMATION REQUI RED IN ACCORDANCE WI TH 19
APPLICABLE REGULATIONS; AND 20
(4) ANY OTHER INFORMATION THAT THE COMMISSIONER REQUESTS. 21
(C) ON SUBMISSION OF AN A PPLICATION TO THE COMMISSIONER, AN 22
APPLICANT SHALL PAY A NONREFUNDABLE APPLICATION FEE IN AN AMOUNT EQUAL 23
TO THE EXAMINATION F EE FOR A NEW COMMERC IAL BANK CHA RTER UNDER § 24
2–108(A)(1) OF THIS ARTICLE. 25
14–303. 26
WHEN DETERMINING WHET HER TO ISSUE A CERTI FICATE, THE 27
COMMISSIONER SHALL CONSIDER: 28
20 HOUSE BILL 1355
(1) WHETHER THE APPLICANT MEETS THE QUALIFICAT IONS 1
ESTABLISHED UNDER § 14–301 OF THIS SUBTITLE AND PROVIDES THE 2
INFORMATION AND FEE REQUIRED UNDER § 14–302 OF THIS SUBTITLE; 3
(2) IF THE APPLICANT SEEK S A CERTIFICATE TO E NGAGE IN 4
BUSINESS AS A STATE ISSUER , WHETHER THE APPLICAN T COMPLIES WITH ALL 5
APPLICABLE PROVISIONS OF THE FEDERAL GENIUS ACT OF 2025; 6
(3) IF TH E APPLICANT SEEKS A CERTIFICATE TO ENGAG E IN 7
BUSINESS AS A PROVID ER OF PAYMENT STABLE COIN–RELATED SERVICES , 8
WHETHER THE PRODUCTS AND SERVICES THAT THE APPLICANT SEEKS TO OFFER: 9
(I) FACILITATE USE OF PAY MENT STABLECOIN IN 10
ACCORDANCE WITH THE FEDERAL GENIUS ACT OF 2025; AND 11
(II) ARE NOT INCONSISTENT WITH THE FEDERAL GENIUS ACT 12
OF 2025; 13
(4) WHETHER THE BUSINESS THE APPLICANT SEEKS TO CONDUCT: 14
(I) COMPLIES WITH ALL APP LICABLE PROVISIONS O F STATE 15
AND FEDERAL LAW; 16
(II) SUPPORTS THE WELFARE OF THE GENERAL ECONOMY O F 17
THE STATE; AND 18
(III) IS NOT DETRIMENTAL TO THE PUBLIC INTEREST; AND 19
(5) ANY OTHER FACTORS THA T THE COMMISSIONER IDENTIFIES IN 20
REGULATION. 21
14–304. 22
(A) ON SUBMISSION OF AN A PPLICATION AND PAYME NT OF THE FEE IN 23
ACCORDANCE WITH § 14–302 OF THIS SUBTITLE , THE COMMISSIONER SHALL 24
INVESTIGATE TO DETERMINE WHETHER THE APP LICANT SATISFIES THE CRITERIA 25
UNDER § 14–303 OF THIS SUBTITLE. 26
(B) EXCEPT AS PROVIDED UN DER SUBSECTION (D) OF THIS SECTION , THE 27
COMMISSIONER SHALL APPROVE OR DENY EACH APPLICATION FOR A CERTIFICATE 28
WITHIN 60 DAYS AFTER THE DATE ON WHICH THE APPLICANT FILES A COMPLETED 29
APPLICATION AND PAYS THE APPLICATION FEE. 30
HOUSE BILL 1355 21
(C) AN APPLICATION SHALL BE DEEMED COMPLETE W HEN THE 1
COMMISSIONER RECEIVES: 2
(1) THE SIGNED APPLICATION; 3
(2) ALL DOCUMENTS AND INF ORMATION REQUIRED BY THE 4
APPLICATION; AND 5
(3) IF APPLICABLE , ANY INFORMATION REQU ESTED BY THE 6
COMMISSIONER FOLLOWING RECEIPT OF THE SIGNED APPLICATION. 7
(D) (1) THE COMMISSIONER MAY EXTE ND THE TIME PERIOD F OR 8
APPROVAL OR DENIAL OF AN APPLICATION IF THE COMMISSIONER: 9
(I) DETERMINES THAT ADDIT IONAL TIME IS REQUIR ED TO 10
FULLY CONSIDER THE APPLICATION; OR 11
(II) REQUESTED ADDITIONAL INFORMATION AFTER TH E 12
APPLICANT SUBMITTED THE APPLICATION AND FEE AND: 13
1. HAS NOT RECEIV ED THE ADDITIONAL IN FORMATION 14
WITHIN THE 60 DAYS UNDER SUBSECTION (B) OF THIS SECTION; OR 15
2. REQUIRES ADDITIONAL T IME TO REVIEW THE 16
ADDITIONAL INFORMATION. 17
(2) IF THE COMMISSIONER EXTENDS THE TIME PERIOD FOR 18
APPROVAL OR DENIAL O F AN APPLICATION UND ER PARAGRAPH (1) OF THIS 19
SUBSECTION, THE COMMISSIONER SHALL NO TIFY THE APPLICANT OF THE 20
EXTENSION WITHIN 10 BUSINESS DAYS. 21
14–305. 22
(A) THE COMMISSIONER SHALL APPROVE AN APPLICATION THAT SATISFIES 23
THE CRITERIA UNDER § 14–303 OF THIS SUBTITLE. 24
(B) ON APPROVAL OF AN APPLICATION, THE COMMISSIONER SHALL: 25
(1) IDENTIFY THE PRODUCTS AND SERVICES THAT TH E APPLICANT 26
MAY OFFER UNDER THIS TITLE; 27
(2) GRANT THE APPLICANT A LL POWERS REASONABLY NECESSARY 28
TO OFFER THE PRODUCTS AND SERVICES THAT THE COMMISSIONER APPROVES; 29
22 HOUSE BILL 1355
(3) IMPOSE TERMS AND COND ITIONS THAT THE COMMISSIONER 1
CONSIDERS APPROPRIATE; AND 2
(4) ISSUE A CERTIFICATE TO THE APPLICANT. 3
(C) IN ADDITION TO AN APPROVAL OF AN APPLICATION UNDER THIS TITLE, 4
THE COMMISSIONER MAY ENTER INTO A MEMORANDUM OF UNDERSTANDING WITH 5
THE APPLICANT CONCER NING ANY ADDITIONAL MATTERS THE COMMISSIONER 6
CONSIDERS APPROPRIATE. 7
14–306. 8
(A) (1) THE COMMISSIONER SHALL DE NY AN APPLICATION TH AT DOES 9
NOT SATISFY THE CRITERIA OF § 14–303 OF THIS SUBTITLE. 10
(2) IF THE COMMISSIONER DENIES AN APPL ICATION UNDER 11
PARAGRAPH (1) OF THIS SUBSECTION , THE COMMISSIONER SHALL NO TIFY THE 12
APPLICANT OF THE DENIAL IN WRITING WITHIN 10 BUSINESS DAYS. 13
(B) WITHIN 30 DAYS AFTER THE DATE ON WHICH THE COMMISSIONER 14
DENIES AN APPLICATIO N UNDER SUBSECTION (A) OF THIS SECTION , THE 15
COMMISSIONER SHALL: 16
(1) FILE A WRITTEN DECISI ON CONTAINING THE FI NDINGS AND 17
CONCLUSIONS ON WHICH THE COMMISSIONER BASED TH E DENIAL WITH THE 18
OFFICE; 19
(2) SEND A COPY OF THE WRITTEN DECISION TO THE APPLICANT; AND 20
(3) ADVISE THE APPLICANT IN WRITING OF THE APPLICANT’S RIGHT 21
TO A HEARING IN ACCORDANCE WITH THE ADMINISTRATIVE PROCEDURE ACT. 22
(C) (1) IF AN APPLICANT SEEKS A HEARING TO CONTEST THE DENIAL OF 23
AN APPLICATION, THE APPLICANT SHALL FILE A WRITTEN REQUEST FOR A HEARING 24
WITHIN 45 DAYS AFTER THE DATE ON WHICH THE APPLICANT RECEIVES NOTICE OF 25
THE RIGHT TO A HEARING. 26
(2) A HEARING DATE ESTABLI SHED IN RESPONSE TO A REQUEST 27
UNDER THIS SUBSECTIO N MAY BE POSTPONED O NLY ONCE FOR A PERIO D OF NOT 28
MORE THAN 30 DAYS AFTER THE DATE OF THE INITIAL HEARING. 29
14–307. 30
HOUSE BILL 1355 23
(A) A CERTIFICATE ISSUED UNDER THIS SUBTITLE: 1
(1) SHALL CONTAIN: 2
(I) THE FULL LEGAL NAME OF THE CERTIFICATE HOLDER; 3
(II) ANY LEGALLY REGISTERE D TRADE NAMES USED B Y THE 4
CERTIFICATE HOLDER; 5
(III) A LIST OF ALL PRODUCTS AND SERVICES THE 6
COMMISSIONER AUTHORIZES THE CERTIFICATE HOLDER TO OFFER; AND 7
(IV) A LIST OF ALL POWERS T HE COMMISSIONER GRANTS T O 8
THE CERTIFICATE HOLDER; 9
(2) MAY INCLUDE: 10
(I) ANY ADDITIONAL TERMS AND CONDITIONS THAT THE 11
COMMISSIONER IMPOSES ON THE CERTIFICATE HOLDER; AND 12
(II) ANY OTHER INFORMATION THE COMMISSIONER 13
CONSIDERS APPROPRIATE; AND 14
(3) REMAINS VALID UNTIL: 15
(I) THE COMMISSIONER SUSPENDS OR REVOKES THE 16
CERTIFICATE; OR 17
(II) THE CERTIFICATE HOLDE R SURRENDERS THE 18
CERTIFICATE IN ACCORDANCE WITH THIS TITLE. 19
(B) A CERTIFICATE HOLDER: 20
(1) SHALL: 21
(I) MAKE A COPY OF THE CE RTIFICATE AVAILABLE ON ANY 22
WEBSITE MAINTAINED BY OR ON BEHALF OF THE CERTIFICATE HOLDER; AND 23
(II) PROVIDE A COPY OF THE CERTIFICATE ON REQUEST; AND 24
(2) MAY NOT: 25
24 HOUSE BILL 1355
(I) OFFER ANY PRODUCT OR SERVICE NOT LISTED I N THE 1
CERTIFICATE; OR 2
(II) EXERCISE ANY POWER NOT LISTED IN THE CERTIFICATE. 3
14–308. 4
(A) IN THIS SECTION, “AMENDMENT” MEANS ANY MODIFICATION TO: 5
(1) THE PRODUCTS AND SERVICES LISTED IN A CERTIFICATE; 6
(2) THE POWERS LISTED IN A CERTIFICATE; OR 7
(3) ANY ADDITIONAL TERMS OR CONDITIONS INCLUD ED IN THE 8
CERTIFICATE THAT THE COMMISSIONER CONSIDERS APPROPRIATE. 9
(B) A CERTIFICATE HOLDER M AY REQUEST THAT THE COMMISSIONER 10
AMEND A CERTIFICATE IN ACCORDANCE WITH T HE PROCESS THE COMMISSIONER 11
ESTABLISHES. 12
(C) IN REVIEWING A REQUES T TO AMEND A CERTIFI CATE UNDER 13
SUBSECTION (B) OF THIS SECTION , THE COMMISSIONER SHALL CO NSIDER THE 14
CRITERIA UNDER § 14–303 OF THIS SUBTITLE. 15
(D) (1) IN CONNECTION WITH AN INVESTIGATION OR EXAMINATION OF A 16
CERTIFICATE HOLDER, THE COMMISSIONER MAY REQUEST THAT THE CERTIFICATE 17
HOLDER AGREE TO AN AMENDMENT. 18
(2) IF THE CERTIFICATE HO LDER DOES NOT AGREE TO THE 19
COMMISSIONER’S REQUEST FOR AN AMENDMENT, THE COMMISSIONER MAY TAKE 20
ANY ACTION AUTHORIZED IN ACCORDANCE WITH SUBTITLE 6 OF THIS TITLE. 21
(E) (1) THE COMMISSIONER SHALL ISSUE AN AMENDED CERTIFICATE IN 22
CONNECTION WITH ANY CHANGE TO A CERTIFIC ATE MADE IN ACCORDAN CE WITH 23
THIS SECTION. 24
(2) AN AMENDED CERTIFICAT E ISSUED UNDER THIS SUBSECTION 25
SHALL: 26
(I) COMPLY WITH § 14–307 OF THIS SUBTITLE; AND 27
(II) REPLACE THE PRIOR CERTIFICATE. 28
HOUSE BILL 1355 25
SUBTITLE 4. PAYMENT STABLECOIN SERVICES INSTITUTIONS. 1
14–401. 2
(A) THE COMMISSIONER MAY ISSU E A CERTIFICATE TO E NGAGE IN 3
BUSINESS AS A PAYMENT STABLECOIN SERVICES INSTITUTION TO: 4
(1) A NONDEPOSITORY TRUST COMPANY; OR 5
(2) A CREDIT UNION SERVICE ORGANIZATION. 6
(B) A PERSON MAY NOT ENGAG E IN BUSINESS AS A P AYMENT STABLECOIN 7
SERVICES INSTITUTION UNDER THIS TITLE UNLESS: 8
(1) THE COMMISSIONER ISSUES THE PERSON A CERTIFICATE; AND 9
(2) THE CERTIFICATE GRANT S THE CERTIFICATE HO LDER THE 10
AUTHORITY TO OFFER ONE OR MORE PAYMENT STABLECOIN–RELATED SERVICES. 11
(C) NOTHING IN THIS TITLE SHALL RESTRICT: 12
(1) THE ABILITY OF A BANK ING INSTITUTION OR C REDIT UNION TO 13
OFFER PAYMENT STABLECOIN–RELATED SERVICES: 14
(I) CONSISTENT WITH APPLICABLE STATE AND FEDERAL LAW; 15
AND 16
(II) IF THE SERVICES ARE D ISCLOSED TO THE COMMISSIONER 17
IN ACCORDANCE WITH T HE PROCESS ESTABLISH ED BY THE COMMISSIONER IN 18
REGULATION; OR 19
(2) THE ABILITY OF A NATI ONAL BANKING INSTITU TION, AN 20
OTHER–STATE BANK, A FEDERALLY CHARTERE D CREDIT UNION , OR AN 21
OTHER–STATE CREDIT UNION TO OFFE R PAYMENT STABLECOIN –RELATED 22
SERVICES IN A MANNER CONSISTENT WITH APPLICABLE LAW. 23
14–402. 24
A CERTIFICATE HOLDER AUTHORIZED TO ENGAGE IN BUSINESS AS A PAYMENT 25
STABLECOIN SERVICES INSTITUTION MAY NOT: 26
(1) OFFER ANY PRODUCT OR SERVICE NOT LISTED O N ITS 27
CERTIFICATE; 28
26 HOUSE BILL 1355
(2) EXERCISE ANY POWER NOT LISTED ON ITS CERTIFICATE; 1
(3) ISSUE PAYMENT STABLEC OIN UNLESS THE CERTI FICATE ALSO 2
AUTHORIZES THE CERTI FICATE HOLDER TO ENG AGE IN BUSINESS AS A STATE 3
ISSUER; 4
(4) MAKE LOANS OR OTHER EXTENSIONS OF CREDIT; 5
(5) ACCEPT CONSUMER DEPOSITS; 6
(6) ACCEPT INSURED DEPOSITS; OR 7
(7) REPRESENT THAT FUNDS DEPOSITED WITH THE C ERTIFICATE 8
HOLDER ARE INSURED. 9
SUBTITLE 5. STATE ISSUERS. 10
14–501. 11
(A) THE COMMISSIONER MAY ISSU E A CERTIFICATE TO E NGAGE IN 12
BUSINESS AS A STATE ISSUER TO A NONDEPOSITORY TRUST COMPANY. 13
(B) A PERSON MAY NOT ENGAGE IN BUSINESS AS A STATE ISSUER UNLESS: 14
(1) THE COMMISSIONER ISSUES THE PERSON A CERTIFICATE; AND 15
(2) THE CERTIFICATE GRANT S THE CERTIFICATE HO LDER THE 16
AUTHORITY TO ACT AS A STATE ISSUER. 17
14–502. 18
A CERTIFICATE HOLDER A UTHORIZED TO ENGAGE IN BUSINESS AS A STATE 19
ISSUER MAY NOT: 20
(1) OFFER ANY PRODUCT OR SERVICE NOT LISTED O N ITS 21
CERTIFICATE; 22
(2) EXERCISE ANY POWER NOT LISTED ON ITS CERTIFICATE; 23
(3) MAKE LOANS OR OTHER EXTENSIONS OF CREDIT; 24
(4) ACCEPT CONSUMER DEPOSITS; 25
HOUSE BILL 1355 27
(5) ACCEPT INSURED DEPOSITS; OR 1
(6) REPRESENT THAT FUNDS DEPOSITED WITH THE C ERTIFICATE 2
HOLDER ARE INSURED. 3
14–503. 4
THE COMMISSIONER MAY SHAR E INFORMATION CONCER NING ANY STATE 5
ISSUER WITH THE BOARD IN A MANNER CONSISTENT WITH THE FEDERAL GENIUS 6
ACT OF 2025. 7
SUBTITLE 6. ENFORCEMENT AND SURRENDER OF CERTIFICATE. 8
14–601. 9
(A) THE COMMISSIONER SHALL HA VE ALL ENFORCEMENT P OWERS IN 10
ACCORDANCE WITH TITLES 3 AND 5 OF THIS ARTICLE WITH RESPECT TO A 11
NONDEPOSITORY TRUST COMPANY CERTIFICATE HOLDER. 12
(B) THE COMMISSIONER SHALL HA VE ALL ENFORCEMENT P OWERS IN 13
ACCORDANCE WITH TITLE 6 OF THIS ARTICLE WITH RESPECT TO A CREDIT UNION 14
SERVICE ORGANIZATION CERTIFICATE HOLDER. 15
(C) IN ADDITION TO OTHER POWERS CONTAINED IN THIS ARTICL E, THE 16
COMMISSIONER MAY EXER CISE ALL INVESTIGATORY AND ENFORCEMENT P OWERS 17
IN ACCORDANCE WITH §§ 2–113 THROUGH 2–116 OF THIS ARTICLE WITH RESPECT 18
TO: 19
(1) A CERTIFICATE HOLDER; OR 20
(2) ANY PERSON ENGAGED IN BUSINESS REQUIRING A CERTIFICATE 21
UNDER THIS TITLE. 22
14–602. 23
SUBJECT TO THE HEARIN G PROVISIONS OF § 2–115 OF THIS ARTICLE , THE 24
COMMISSIONER MAY SUSPEND OR REVOKE A CERTIFICATE IF: 25
(1) THE CERTIFICATE HOLDER OR ANY OWNER, DIRECTOR, OFFICER, 26
MEMBER, COVENTURER, PARTNER, STOCKHOLDER, EMPLOYEE, OR AGENT OF THE 27
CERTIFICATE HOLDER: 28
28 HOUSE BILL 1355
(I) MAKES ANY MATERIAL MISSTATEMENT IN AN APPLICATION 1
FOR A CERTIFICATE; 2
(II) CONDUCTS BUSINESS AUTHORIZED IN THE CERTIFICATE IN 3
AN UNSAFE OR UNSOUND MANNER; 4
(III) REFUSES TO PERMIT THE COMMISSIONER TO PERFORM AN 5
EXAMINATION AUTHORIZED UNDER THIS ARTICLE; 6
(IV) WILLFULLY FAILS TO MA KE A REPORT REQUIRED UNDER 7
THIS ARTICLE; 8
(V) IS CONVICTED UNDER TH E LAWS OF THE UNITED STATES, 9
THE STATE, OR ANY OTHER STATE O F A FELONY OR A MISD EMEANOR THAT IS 10
DIRECTLY RELATE D TO THE FITNESS AND QUALIFICATION OF THE PERSON TO 11
ENGAGE IN THE BUSINESS AUTHORIZED IN THE CERTIFICATE; 12
(VI) IN CONNECTION WITH AN Y BUSINESS AUTHORIZE D IN THE 13
CERTIFICATE: 14
1. COMMITS A FRAUD; 15
2. ENGAGES IN AN ILLEGAL OR DISHONEST ACTIVIT Y; 16
OR 17
3. MISREPRESENTS OR FAILS TO DISCLOSE A MATERIAL 18
FACT TO A GOVERNMENT AGENCY; 19
(VII) VIOLATES ANY PROVISIO N OF THIS ARTICLE OR ANY 20
REGULATION ADOPTED UNDER THIS ARTICLE, OR ANY OTHER LAW REGULATING THE 21
BUSINESS AUTHORIZED IN THE CERTIFICATE; 22
(VIII) CONDUCTS ANY BUSINESS OR EXERCISES ANY POW ER NOT 23
AUTHORIZED IN THE CERTIFICATE; OR 24
(IX) OTHERWISE DEMONSTRATES UNWORTHINESS, BAD FAITH, 25
DISHONESTY, OR ANY OTHER QUALITY THAT INDICATES THAT THE BUSINESS OF THE 26
CERTIFICATE HOLDER H AS NOT BEEN OR WILL NOT BE CONDUCTE D HONESTLY , 27
FAIRLY, EQUITABLY, AND EFFICIENTLY; 28
(2) THE PRODUCTS AND SERV ICES OFFERED BY THE CERTIFICATE 29
HOLDER ARE INJURIOUS TO THE PUBLIC INTEREST; OR 30
HOUSE BILL 1355 29
(3) THE CERTIFICATE HOLDER: 1
(I) HAS INADEQUATE CAPITAL AND THE CERTIFICATE HOLDER, 2
AFTER 10 DAYS’ WRITTEN NOTICE FROM THE COMMISSIONER, FAILS TO TAKE STEPS 3
THAT THE COMMISSIONER CONSIDERS NECESSARY TO REMEDY THE DEFICIENCY; 4
(II) BECOMES INSOLVENT; 5
(III) HAS SUSPENDED PAYMENT OF ITS OBLIGATIONS, MADE AN 6
ASSIGNMENT FOR THE BENEFIT OF ITS CREDITORS, OR ADMITTED ITS INABILITY TO 7
PAY ITS DEBTS AS THEY BECOME DUE; OR 8
(IV) HAS APPLIED FOR AN AD JUDICATION OF BANKRU PTCY, 9
REORGANIZATION, ARRANGEMENT, OR OTHER RELIEF UNDE R ANY BANKRUPTCY 10
PROCEEDING. 11
14–603. 12
(A) A CERTIFICATE HOLDER MAY SURRENDER A CERTIFICATE IN 13
ACCORDANCE WITH THE PROCESS THAT THE COMMISSIONER REQUIRES. 14
(B) A SURRENDER OF A CERTI FICATE UNDER SUBSECT ION (A) OF THIS 15
SECTION DOES NOT: 16
(1) AFFECT ANY CIVIL OR CRIMINAL LIABILITY OF THE CERTIFICATE 17
HOLDER FOR ACTS COMMITTED BEFORE THE CERTIFICATE IS SURRENDERED; OR 18
(2) LIMIT THE CERTIFICATE HOLDER’S LIABILITY TO PAY A NY FEES 19
OR ASSESSMENTS FOR THE YEAR IN WHICH THE CERTIFICATE IS SURRENDERED. 20
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 21
January 1, 2027. 22
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
Speaker of the House of Delegates.
________________________________________________________________________________
President of the Senate.