MD HB1471

Establishes an Innovative Financial Product or Service Certification Program administered by the Commissioner of Financial Regulation, effective October 1, 2025

Requires the Commissioner to issue certification to qualifying peer-to-peer lending services that facilitate small consumer loans ranging from $50 to $500 between individual borrowers and lenders

Exempts certified providers from Maryland Consumer Loan Law, collection agency licensing requirements, and multiple Commercial Law subtitles regulating lending and credit

Defines peer-to-peer lending services as platforms that assign creditworthiness scores, allow borrowers to set their own loan terms and payback dates, and facilitate promissory notes between parties

Authorizes the Commissioner to suspend or revoke certifications for unfair, abusive, deceptive, or fraudulent practices and to adopt implementing regulations