News & Analysis as of

Financial Services Industry Maryland

Ballard Spahr LLP

“True Lender Act” Bill Proposed in Maryland

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Maryland has joined the ranks of states considering legislation that would codify elements of “true lender” theory in an effort to impose federally preempted state licensing requirements and rate caps on loans to Maryland...more

Troutman Pepper

Maryland is Latest State to Introduce Legislation Targeting Bank Partnership Programs

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On January 10, HB 254, entitled the True Lender Act, was introduced before the Maryland House of Delegates. The Act would amend the Maryland Commercial Law to add an article containing both predominant economic interest and...more

Ballard Spahr LLP

Maryland regulator issues guidance on earned wage access products

Ballard Spahr LLP on

Earlier this month, the Maryland Office of Financial Regulation (“OFR”) issued guidance (the “Guidance”) to provide clarity on how the OFR views Earned Wage Access (“EWA”) products and describe the requirements entities...more

Troutman Pepper

Maryland Issues Guidance on Earned Wage Access Products

Troutman Pepper on

On August 1, Maryland’s Office of Financial Regulation (OFR) issued guidance to “provide clarity on how [the OFR] views Earned Wage Access [EWA] products and to describe the requirements entities offering these products must...more

Hinshaw & Culbertson - Consumer Crossroads

Maryland Moves to Eliminate Branch License Requirements for Non-Depository Institutions

As of July 1, 2023, Maryland will no longer require consumer finance company licensees to license their branch locations. Maryland House Bill 686 was signed into law by Governor Wes Moore on May 8, 2023 to effectuate the...more

Orrick, Herrington & Sutcliffe LLP

District Court preliminarily approves $2.75 million autodialer TCPA settlement

On January 31, the U.S. District Court for the District of Maryland preliminarily approved a class action settlement in which a cloud computing technology company agreed to pay $2.75 million to resolve alleged violations of...more

Alston & Bird

Connecticut and Maryland Adopt Model Mortgage Servicer Prudential Standards

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A&B Abstract: On May 24, 2022, Connecticut enacted legislation that, among other things, adds financial condition and corporate governance requirements for certain licensed mortgage servicers (the “CT Standards”). In similar...more

Alston & Bird

Maryland Regulator Puts Lenders and Servicers on Notice Regarding the Assessment of So-Called “Convenience Fees”

Alston & Bird on

A&B Abstract: On May 12, 2022, the Maryland Office of the Commissioner of Financial Regulation (the “OCFR”) issued an Industry Advisory (the “Advisory”) “put[ting] [the] industry on notice” of the recent decision issued by...more

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