Debt Management Services - Financial Regulation
Last reviewed or updated: October 1, 2021
A Debt Management Services business receives funds periodically from a consumer under an agreement with the consumer with the purpose of distributing one or more payments to or among one or more creditors of the consumer in full or partial payment of an obligation.
This license is required for the principal executive office of a person (defined in Md. Code Ann., Fin. Inst. §1-101) providing debt management services (defined in Md. Code Ann., Fin. Inst. §12-901) to Maryland consumers. Refer to Md. Code Ann., Fin. Inst. §12-901 et seq. for legal requirements. For more detailed information on this license type please proceed to the NMLS Resource Center.
License Requirements and Fees
A separate Branch License is required for each branch location of any person providing debt management services (defined in Md. Code Ann., Fin. Inst. §12-901) to Maryland consumers. Refer specifically to Md. Code Ann., Fin. Inst. §12-906(b) and generally to Md. Code Ann., Fin. Inst. §12-901 et seq.
Branch License Requirements and Fees
Application Information and Documents
- Debt Management Services Annual Report Template (Excel) – DUE ANNUALLY ON OR BEFORE APRIL 30th; this report is mandated by statute and shall be filed with the Office of the Commissioner of Financial Regulation.
Laws, Rules, and Regulations
Applicants and licensees are expected to be knowledgeable about and in compliance with the Maryland Debt Management Services Act, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):
- Maryland Code, Financial Institutions Article, Title 12, Subtitle 9 (Maryland Debt Management Services Act)
- COMAR 09.03.02.08 (Remote Work for Employees of Licensees)