(a)(1) In this section the following words have the meanings indicated.
(2) “Collection agency” has the meaning stated in § 7-101 of the Business Regulation Article.
(3) “Consumer reporting agency” has the meaning stated in § 14-1201 of the Commercial Law Article.
(4) “Credit services business” has the meaning stated in § 14-1901 of the Commercial Law Article.
(5) “Debt management services provider” has the meaning stated in § 12-901 of this article.
(6) “Money transmission” has the meaning stated in § 12-401 of this article.
(7) “Mortgage lender” has the meaning stated in § 11-501 of this article.
(8) “Mortgage originator” has the meaning stated in § 11-601 of this article.
(9) “Provide check cashing services” has the meaning stated in § 12-101 of this article.
(10) “Sales finance company” has the meaning stated in § 11-401 of this article.
Power to adopt regulations
(b) The Commissioner may adopt and enforce regulations reasonably necessary to carry out the authority and responsibility of the office of Commissioner.
Participation in NMLS
(c)(1) The Commissioner may participate in NMLS for:
(i) Collection agencies;
(ii) Debt management services providers;
(iii) Mortgage lenders;
(iv) Mortgage originators;
(v) Persons who engage in money transmission;
(vi) Persons who are required to be licensed under Title 11, Subtitle 2 of this article;
(vii) Persons who are required to be licensed under Title 11, Subtitle 3 of this article;
(viii) Persons who are required to be licensed under Title 12, Subtitle 1 of this article;
(ix) Persons who are required to be licensed under Title 14, Subtitle 19 of the Commercial Law Article;
(x) Sales finance companies; and
(xi) Consumer reporting agencies.
(2) To facilitate participation in NMLS, the Commissioner may adopt regulations that waive or modify the requirements of:
(i) Title 11, Subtitles 4, 5, and 6 of this article with respect to sales finance companies, mortgage lenders, and mortgage originators;
(ii) Title 12, Subtitles 1, 4, and 9 of this article with respect to providers of check cashing services, persons who engage in money transmission, and providers of debt management services;
(iii) Title 11, Subtitle 2 of this article;
(iv) Title 11, Subtitle 3 of this article;
(v) Title 7 of the Business Regulation Article with respect to collection agencies;
(vi) Title 14, Subtitle 19 of the Commercial Law Article; and
(vii) Title 14, Subtitle 12 of the Commercial Law Article.
Credits
Added by Acts 1996, c. 326, § 2, eff. July 1, 1996. Amended by Acts 2008, c. 7, § 2, eff. June 1, 2008; Acts 2008, c. 8, § 2, eff. June 1, 2008; Acts 2009, c. 4, § 1, eff. July 1, 2009; Acts 2012, c. 78, § 1, eff. June 1, 2012; Acts 2017, c. 253, § 1, eff. July 1, 2017; Acts 2018, c. 480, § 2, eff. Oct. 1, 2018.
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
