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EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*sb0784*
SENATE BILL 784
I1 6lr2411
By: Senator Jackson
Introduced and read first time: February 6, 2026
Assigned to: Finance
Committee Report: Favorable
Senate action: Adopted
Read second time: February 25, 2026
CHAPTER ______
AN ACT concerning 1
Financial Institutions – Consumer Credit – Application of Licensing 2
Requirements 3
FOR the purpose of repealing a certain provision of law exempting all persons that acquire 4
or are assigned certain mortgage s, mortgage loan s, or installment loan s under 5
certain circumstances from certain provisions of law governing the licensing of 6
providers of certain financial services in the State ; and generally relating to 7
consumer credit lending licensing requirements. 8
BY repealing 9
Article – Financial Institutions 10
Section 11–102 11
Annotated Code of Maryland 12
(2020 Replacement Volume and 2025 Supplement) 13
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 14
That the Laws of Maryland read as follows: 15
Article – Financial Institutions 16
[11–102. 17
(a) In this section, “installment loan” has the meaning stated in § 11 –301 of this 18
title. 19
2 SENATE BILL 784
(b) Except for § 11 –219 of this title, this title does not apply to a person that 1
acquires or is assigned in whole or in part: 2
(1) A mortgage, if the person does not otherwise make mortgages; 3
(2) A mortgage loan, as defined in § 11–501 of this title, if the person does 4
not otherwise engage in the mortgage lending business, as defined in § 11–501 of this title; 5
or 6
(3) An installment loan, if the person: 7
(i) Relies on another person to service or collect on the installment 8
loan; and 9
(ii) Does not otherwise make installment loans. 10
(c) This section may not be c onstrued to alter the definition of “student loan 11
servicer”, as defined in § 2–104.1 of this article.] 12
SECTION 2. AND BE IT FURTHER ENACTED, That it is the intent of the General 13
Assembly that Section 1 of this Act be construed as a clarifying corrective measure to repeal 14
a provision of law erroneously enacted by Chapter 118 of the Acts of the General Assembly 15
of 2025. 16
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July 17
1, 2026. 18
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
President of the Senate.
________________________________________________________________________________
Speaker of the House of Delegates.