Maryland installment loan license

The bond ensures that the public will receive compensation for financial harm if the installment loan lender fails to comply with the licensing regulations set forth in Maryland statutes Specifically, the bond protects the public in the event the installment loan lender engages in any acts of fraud or charges an interest rate higher than the maximum percentage allowed. In short, the bond is a type of insurance that protects the public if the installment loan lender breaks licensing laws.

At BondExchange, our 40 years of experience , leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.

Owners with excellent credit and work experience can expect to receive the best rates. Owners with poor credit may be declined by some surety companies or pay higher rates. Maryland statute requires all business entities who make loans or extensions of credit, other than mortgage loans, to obtain a license with the Commissioner of Financial Regulation. Installment loan lenders in Maryland must navigate several steps to secure their license. License Period — The Maryland Installment Loan License expires on December 31 of each year and must be renewed before the expiration date.

Applicants must submit either a financial statement or a verified liquid asset letter confirming the availability of the funds when submitting their license application.

To submit a license application, applicants must first request to obtain an NMLS account. Applicants must complete the entire application, and submit the following items:. Applicants for the Maryland Installment Loan License must pay the following fees when submitting their license application:.

Installment loan lenders can renew their license online through the NMLS. License holders need to simply login to their account to access their renewal application.

The Maryland Installment Loan License expires on December 31 of each year and must be renewed before the expiration date. The State of Maryland does not require installment loan lenders to obtain any form of liability insurance as a prerequisite to obtaining a business license. A separate Branch License is required for each branch location of any person defined in Md.

Refer specifically to Md. Applicants and licensees are expected to be knowledgeable about and in compliance with the Installment Loan Law, and any other applicable State or Federal statutes, rules, and regulations. Skip to Main Content. Menu Menu. You must have Javascript enabled to see this menu. Notice: JavaScript is not available in your browser.