WES MOORE, Governor Ch. 29
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Chapter 29
(Senate Bill 929)
AN ACT concerning
Commissioner of Financial Regulation – Name and Organization of Office
FOR the purpose of establishing the name of a certain office under the Commissioner of
Financial Regulation in the Maryland Department of Labor as the Office of Financial
Regulation; designating a certain appointee of the Commissioner of Financial
Regulation as the Deputy Commissioner for Depository Activities; requiring the
Commissioner of Financial Regulation to appoint a Deputy Commissioner for
Non–Depository Activities; and generally relating to the name and organization of
the office under the Commissioner of Financial Regulation in the Maryland
Department of Labor.
BY repealing and reenacting, with amendments,
Article – Business Regulation
Section 7–201
Annotated Code of Maryland
(2015 Replacement Volume and 2022 Supplement)
BY repealing and reenacting, without amendments,
Article – Financial Institutions
Section 1–101
Annotated Code of Maryland
(2020 Replacement Volume and 2022 Supplement)
BY repealing and reenacting, with amendments,
Article – Financial Institutions
Section 2–101, 2–103, 2–110, 2–113(c), 2–119, 11–611, and 12–105.1(a)(5)
Annotated Code of Maryland
(2020 Replacement Volume and 2022 Supplement)
BY repealing and reenacting, with amendments,
Article – Real Property
Section 7–105.14(i)(1)
Annotated Code of Maryland
(2015 Replacement Volume and 2022 Supplement)
BY repealing and reenacting, with amendments,
Article – State Government
Section 8–403(22)
Annotated Code of Maryland
(2021 Replacement Volume and 2022 Supplement)
Ch. 29 2023 LAWS OF MARYLAND
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That the Laws of Maryland read as follows:
Article – Business Regulation
7–201.
There is a State Collection Agency Licensing Board in the Office of [the
Commissioner of] Financial Regulation in the Department.
Article – Financial Institutions
1–101.
(a) In this article, unless the context clearly requires otherwise, the following
words have the meanings indicated.
(b) “Address” means post office address, including, if applicable, street and
number, municipal area or county, state, and, if outside of the United States, country.
(c) “Any state” means:
(1) Any state, possession, or territory of the United States;
(2) The District of Columbia; or
(3) The Commonwealth of Puerto Rico.
(d) “Banking institution” means an institution that is incorporated under the
laws of this State as a State bank, trust company, or savings bank.
(e) “Charter” has the meaning stated in § 1–101 of the Corporations and
Associations Article.
(f) “Commercial bank” means an institution that is incorporated under the laws
of this State as a State bank or trust company.
(g) “Commissioner” means the Commissioner of Financial Regulation in the
Maryland Department of Labor.
(h) “County” means a county of this State and, unless otherwise indicated,
Baltimore City.
(i) “Credit union” means a credit union that is incorporated under the laws of this
State as a credit union.
WES MOORE, Governor Ch. 29
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(j) “Financial institution” means any financial institution of the type supervised
under this article, whether or not State–chartered.
(k) (1) “Foreign bank” means any financial institution or other institution that
engages in banking activities that are usual in connection with the business of banking in
the nations in which the institution is organized or operates.
(2) “Foreign bank” does not include a bank organized under the laws of any
state or a national banking association that has its headquarters in any state.
(l) “Includes” or “including” means includes or including by way of illustration
and not by way of limitation.
(m) “Mail” means to deposit in the United States mail, postage prepaid.
(n) “Mortgage” includes a deed of trust that secures a debt or the performance of
an obligation.
(o) “Municipal area” means a municipal corporation or an unincorporated city,
town, or village.
(p) “National banking association” means an institution that is incorporated
under federal law as a bank.
(q) “Nationwide Mortgage Licensing System and Registry” or “NMLS” means a
multistate uniform licensing system developed and maintained by the Conference of State
Bank Supervisors, or by a subsidiary or an affiliate of the Conference of State Bank
Supervisors, that may be used for the licensing and registration of persons required to be
licensed or registered under this article or the Commercial Law Article.
(r) “Other–state bank” means a bank chartered and primarily regulated by
another state.
(s) “Other–state credit union” means a credit union chartered and primarily
regulated by another state.
(t) “Person” means an individual, receiver, trustee, guardian, personal
representative, fiduciary, or representative of any kind and any partnership, firm,
association, corporation, or other entity.
(u) “Political subdivision” means:
(1) A county or municipal corporation of this State; and
(2) Unless the context requires otherwise, a special taxing district of this
State. Ch. 29 2023 LAWS OF MARYLAND
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(v) “Real property” includes any interest in real property.
2–101.
(A) There is a Commissioner of Financial Regulation in the Maryland Department
of Labor.
(B) THERE IS AN OFFICE OF FINANCIAL REGULATION UNDER THE
COMMISSIONER IN THE MARYLAND DEPARTMENT OF LABOR.
(C) THE COMMISSIONER IS THE H EAD OF THE OFFICE OF FINANCIAL
REGULATION.
2–103.
(a) With the approval of the Secretary of Labor, the Commissioner shall appoint
[a]:
(1) A Deputy Commissioner FOR DEPOSITORY ACTIVITIES; AND
(2) A DEPUTY COMMISSIONER FOR NON–DEPOSITORY ACTIVITIES.
(b) The Deputy [Commissioner serves] COMMISSIONERS AP POINTED UNDER
SUBSECTION (A) OF THIS SECTION SERVE at the pleasure of the Commissioner and [is
an employee] ARE EMPLOYEES of the Commissioner’s office.
(c) [The Deputy Commissioner shall have at least 5 years of experience in:]
(1) [State or national banking regulation or management; or] THE
DEPUTY COMMISSIONER FOR DEPOSITORY ACTIVITIES SHALL HAVE AT LEAST 5
YEARS OF EXPERIENCE IN THE REGULATION OR MANAGEMENT OF FINANC IAL
INSTITUTIONS.
(2) [The regulation or management of the business of making loans by
persons of the type regulated by this article] THE DEPUTY COMMISSIONER FOR
NON–DEPOSITORY ACTIVITIES SHALL HAVE AT LEAST 5 YEARS OF EXPERIENCE IN
THE REGULATION OR MA NAGEMENT OF PERSONS REQUIRED TO BE LICEN SED OR
REGISTERED UNDER THI S ARTICLE OR THE COMMERCIAL LAW ARTICLE.
(d) The Deputy [Commissioner is] COMMISSIONERS APPOINT ED UNDER
SUBSECTION (A) OF THIS SECTION ARE entitled to the salary provided in the State
budget.
WES MOORE, Governor Ch. 29
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(e) In addition to any other powers and duties set forth in this article[, the]:
(1) THE Deputy Commissioner FOR DEPOSITORY ACTIVITIES has the
powers and duties of the Commissioner:
[(1)] (I) To the extent delegated by the Commissioner;
[(2)] (II) If the office of the Commissioner is vacant; and
[(3)] (III) If for any reason the Commissioner is unable to perform the
duties of the office; AND
(2) THE DEPUTY COMMISSIONER FOR NON–DEPOSITORY
ACTIVITIES HAS THE PO WERS AND DUTIES OF T HE COMMISSIONER TO THE E XTENT
DELEGATED BY THE COMMISSIONER .
2–110.
(a) The Commissioner and THE Deputy [Commissioner] COMMISSIONERS
APPOINTED UNDER § 2–103 OF THIS SUBTITLE shall devote full time to their duties.
(b) The Commissioner and THE Deputy [Commissioner] COMMISSIONERS
APPOINTED UNDER § 2–103 OF THIS SUBTITLE may not:
(1) Be an officer or director of any State banking institution or national
banking association, or in any entity engaged in the business of making loans; or
(2) Engage in any other business relating to banks and financial
institutions or lending.
2–113.
(c) For fiscal year 2001 and each fiscal year thereafter, the Governor shall include
in the annual budget bill an appropriation to the [Division] OFFICE of Financial
Regulation funding the positions necessary to implement the investigative and enforcement
powers authorized under this subtitle.
2–119.
For fiscal year 2009 and each fiscal year thereafter, the Governor shall include in the
annual budget bill an appropriation to the [Division] OFFICE of Financial Regulation for
the purpose of regulating banking institutions and credit unions.
11–611.
Ch. 29 2023 LAWS OF MARYLAND
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For fiscal year 2006 and each fiscal year thereafter, the Governor shall include in the
annual budget bill an appropriation to the [Division] OFFICE of Financial Regulation for
the purpose of creating necessary positions to [implement the provisions of] CARRY OUT
this subtitle.
12–105.1.
(a) A person may provide check cashing services without obtaining a license
under this subtitle by registering each year with the Commissioner under this section if
the person:
(5) Has conspicuously posted a notice with the following information, in 48
point type or larger, at each business location at which the person provides check cashing
services:
(i) The fees charged for check cashing services; and
(ii) How to contact the Office of [the Commissioner of] Financial
Regulation with comments or complaints; and
Article – Real Property
7–105.14.
(i) (1) There is a Foreclosed Property Registry Fund in the Office of [the
Commissioner of] Financial Regulation.
Article – State Government
8–403.
This subtitle applies only to the following governmental activities and units:
(22) Financial Regulation, Office of [the Commissioner of] (§ 2–101 of the
Financial Institutions Article);
SECTION 2. AND BE IT FURTHER ENACTE D, That it is the intent of the General
Assembly that any changes under Section 1 of this Act to § 2–101 of the Financial
Institutions Article or other statutory provisions referencing the name of the office
established under the Commissioner of Financial Regulation in the Maryland Department
of Labor shall be construed as a nonsubstantive revision that does not affect the powers
and duties of the Commissioner or the office.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July
1, 2023.
WES MOORE, Governor Ch. 29
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Approved by the Governor, April 11, 2023.