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Credit Services Businesses - Financial Regulation

Last reviewed/updated: September 9, 2024

A Credit Services Business is any business, with respect to the extension of credit by others, that sells, provides, or performs, or represents that such person can or will sell, provide, or perform, certain services in exchange for the payment of money or other valuable consideration to improve a consumer’s credit record, history, or rating or establishing a new credit file or record, and/or obtain an extension of credit for a consumer. A credit services business includes a business who sells or attempts to sell written materials containing information that the person represents will enable a consumer to establish a new credit file or record.

Additionally, Maryland courts have held that this license requirement included a business that engaged in assisting Maryland consumers to obtain loans (i.e., brokering loans) and out-of-state attorneys that offered and assisted consumers in obtaining mortgage loan modifications. See Cashcall, Inc. v. Maryland Commissioner of Financial Regulation, 448 Md. 412 (2016) and Commissioner of Financial Regulation v. Brown, Brown, & Brown, P.C., et al., 449 Md. 345 (2016), decisions issued by the Maryland Supreme Court.

This license is required for the principal executive office of any person (defined in Md. Code Ann., Com. Law § 14-1901) acting as a credit services business (defined in Md. Code Ann., Com. Law § 14-1901). Refer to Md. Code Ann., Com. Law § 14-1903, and Fin. Inst. §§ 11-302 and 11-201 et seq. for legal requirements. For more detailed information on this license type please proceed to the NMLS Resource Center.

License Requirements and Fees

Effective July 1, 2023, individual licenses for locations other than the principal executive office are not required and will not be issued. Maryland business may be conducted at these locations under the license issued for the principal executive office if these locations are disclosed to the Commissioner. To disclose these locations, prepare the form below, or a list in substantially similar form, and upload it to NMLS in accordance with the instructions on the form. A new form must be uploaded whenever an additional location is opened, closed, or moved, or if there is a change in a trade name used at an additional location.

Laws, Rules, and Regulations

Applicants and licensees are expected to be knowledgeable about and in compliance with the Maryland Credit Services Businesses 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):