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2026 Session Legislative Review

The 2026 legislative portfolio focused on four primary areas: Financial Regulation and Innovation, Consumer Protection, Licensing & Portability, and Industry Operations.

Financial Regulation & Innovation

Financial Institutions – MD Community Investment Venture Fund & Regulation of Entities – Revisions (HB0259/ SB0043, CH0131/CH0132) Effective July 1, 2026:

  • Repeals certain banking institution fees; alters provisions for the Maryland Community Investment Venture Fund; extends the Commissioner's investment-matching authority to June 30, 2030; provides assessment offset credits for banks and credit unions.
  • OFR Impact: The new law expands the 2023 Access to Banking Act by scaling the capabilities of the Maryland Community Investment Venture Fund to address limitations in the original legislation. OFR will publish a Commissioner's advisory and may also issue related regulations.

Financial Institutions – Payment Stablecoin Services – Establishment and Regulation (Maryland Stablecoin Act) (HB1355/SB0662, CH0514/CH0513) Effective January 1, 2027:

  • Alters the examination fee for new commercial bank charters; requires certain disclosures in nondepository trust company articles of incorporation; exempts certain nondepository trust companies; authorizes Commissioner to reduce capital stock requirements of trust companies under certain circumstances.
  • OFR Impact: The new law establishes OFR as the state's stablecoin regulator following the passage of federal stablecoin legislation in July 2025. OFR will issue regulations modeled after the federal standards. OFR will also establish internal and external stablecoin committees and conduct industry outreach.

Digital Asset and Blockchain Technology Task Force – Establishment (HB0470/SB0376, CH0548/CH0549) Effective July 1, 2026:

  • Establishes a Task Force to study and make recommendations on blockchain technology and cryptocurrency in Maryland; report due to Governor and General Assembly by 10/1/2027.
  • OFR Impact: OFR will staff and facilitate the task force.

Financial Institutions & Activities – Virtual Currency Kiosks – Alterations (SB0741, CH0417) Effective October 1, 2026:

  • Expands definition of 'virtual currency kiosk operator' to include software-based kiosk operators; excludes cash acceptance/dispensing for credit/deposit accounts from 'virtual currency services'; clarifies kiosks cannot offer the same services as ATMs.
  • OFR Impact: The new law clarifies which operators need to register with OFR and establishes that kiosks cannot offer ATM Services. OFR will provide guidance to industry.

Consumer Protection

Commercial Law – Earned Wage Access – Revisions (SB0094, CH0170) Effective October 1, 2026:

  • Prohibits an EWA lender from accepting or offering a tip from/to a consumer; alters the refund timeline for certain transactions; subjects certain earned wage access providers and loan lenders to certain consumer loan requirements.
  • OFR Impact: The new law alters the EWA regulatory landscape by banning the collection of tips by EWA providers. OFR will issue regulations and provide guidance to industry and consumers about these changes.

Fiduciary Institutions – Exploitation of Seniors & Vulnerable Adults – Protections & Required Referral (Vulnerable Adult Banking Protection Act) (HB1008/SB0753, CH0510/CH0511) Effective October 1, 2026:

  • Authorizes fiduciary institutions to delay/deny disbursements from accounts of potentially exploited individuals; requires sharing of financial records with certain entities; authorizes contact with certain individuals; provides immunity from liability.
  • OFR Impact: The new law introduces measures intended to protect seniors and other vulnerable populations from financial scams. OFR will issue guidance on these measures to industry and consumers.

Consumer Protection - Unsolicited Loans (SB0582, CH0316) Effective October 1, 2026:

  • Prohibiting a person from sending a check or other negotiable instrument to an individual under certain circumstances; establishing that an individual who receives a check or other negotiable instrument is not liable for the amount of the check or negotiable instrument under certain circumstances; and providing that a person who violates the Act is guilty of a misdemeanor and on conviction is subject to a fine not to exceed $500.
  • OFR Impact: The new law prohibits the mailing of unsolicited checks/negotiable instruments. OFR will provide guidance to industry and consumers.

Consumer Protection - Consumer Contracts - Prohibited Waivers (HB0103, CH0308) Effective October 1, 2026:

  • Altering certain exemptions relating to a prohibition on a consumer contract that sets a shorter time to bring an action under or on the consumer contract under certain circumstances; prohibiting a consumer contract from waiving, limiting, impairing, or disclaiming certain remedies if authorized by federal or State law, subject to certain exemptions and a certain exception; prohibiting a waiver by agreement of certain provisions in the Act; and applying the Act prospectively.
  • OFR Impact: The new law prohibits consumer contracts from violating state laws around statutes of limitations and providing remedies, building on existing legislation. OFR will provide guidance to industry and consumers.

Licensing & Portability

Modernizing Civil Relief for Service Members Act (SB0242, CH0694) Effective October 1, 2026:

  • Authorizing active service members and spouses, under certain circumstances, to practice in the State under an occupational or professional license issued in another jurisdiction; and altering the definition of "eligible veteran" for purposes of certain provisions of law governing occupational or professional licensing processes to include former service members who have been discharged for more than 1 year before an application for a license, certificate, or registration is submitted.
  • OFR Impact: The new law makes it easier for active service members and their spouses to use their licenses from other states in Maryland. The most notable license for OFR is the mortgage loan originator license. OFR will add instructions to our website for impacted persons and update internal policy documents.

Professional Licensing Portability – Members of the Foreign Service and Spouses (HB1120/SB418, CH0492/0493) Effective October 1, 2026:

  • Authorizes members of the Foreign Service and their spouses to practice in Maryland under an occupational or professional license issued by another state, for the duration of the member's assignment or detail.
  • OFR Impact: The new law makes it easier for Foreign Service members and their spouses to use their licenses from other states in Maryland. The most notable license for OFR is the mortgage loan originator license. OFR will add instructions to our website for impacted persons and update internal policy documents.

Occupational Licensing – Exclusion of Dept. of Public Safety and Correctional Services (HB0557, CH0302) Effective July 1, 2026:

  • Provides that 'department' does not include the Department of Public Safety and Correctional Services for purposes of provisions prohibiting a department from refusing to issue an occupational or professional license based solely on an applicant's prior criminal record.
  • OFR Impact: The new law aims to reduce barriers to professional licensure for justice-involved individuals by creating a process that provides clarity about eligibility for positions. It only impacts a narrow set of potential OFR-related licensees, but OFR will create instructions for individuals that seek a predetermination and will issue regulations and an advisory.

Financial Institutions – Licensing of Affiliated Insurance Producer-Mortgage Loan Originators – Alterations (HB0038, CH0512) Effective October 1, 2026:

  • Alters licensing requirements for affiliated insurance producer-mortgage loan originators; requires Commissioner to approve qualifying financial institutions or mortgage lenders in good standing to sponsor such originators.
  • OFR Impact: The new law allows for licensing of affiliated insurance producer-mortgage loan originators (AIP-MLO). OFR will update internal documentation and processes accordingly, as well as potentially issue regulations.

Industry Operations

Credit Unions – Mergers and Consolidations – Alteration of Voting Requirement (HB1049/SB0783, CH0506/CH057) Effective October 1, 2026:

  • Authorizes a majority of a surviving credit union's board to approve a proposed merger without an affirmative vote of a majority of its members, subject to certain requirements.
  • OFR Impact: The new law aims to streamline the credit union merger process, which OFR oversees. OFR will update internal policies and procedures accordingly.

Maryland Money Transmission Act – Definition of 'Money Transmitter' – Alteration (HB0118/SB0261, CH0020/CH0021) Effective October 1, 2026:

  • Excludes from the definition of 'money transmitter' a person designated as an agent of a payor providing payroll processing services under certain circumstances.
  • OFR Impact: The new law exempts payroll processors from Maryland's money transmission licensing requirements if they meet certain standards, a move that aligns Maryland with several other states' standards. OFR estimated that this change will impact three companies. OFR will issue regulations and provide guidance to industry.

Financial Institutions – Consumer Credit – Application of Licensing Requirements (SB0784, CH0040) Effective July 1, 2026:

  • Repeals an exemption that allowed persons who acquire or are assigned certain mortgages, mortgage loans, or installment loans to avoid licensing requirements under Maryland financial services law.
  • OFR Impact: The new law aims to resolve confusion arising from the enactment of cross-filed bills exempting passive trusts from licensing in 2025. OFR issued guidance addressing the confusion in 2025, but this law will remove the obsolete language altogether. OFR will provide updated guidance to industry.

Contact

For questions about this information, please contact Nora O'Reilly at [email protected].

The Office of Financial Regulation, a division of the Maryland Department of Labor, is Maryland's consumer financial protection agency and financial services regulator. For more information, please visit the Office of Financial Regulation website.