MD HB15

Creates a new business entity type called "limited worker cooperative association" (LWCA), which is a limited liability company that elects cooperative status and must have at least three worker members to begin business

Worker members contribute labor to the cooperative and maintain democratic control, with all representatives elected and decisions requiring majority vote of both worker members and total voting power of members entitled to vote

Allows two organizational structures: a standard LWCA governed by a board of at least three representatives, or a "collective worker cooperative" where worker members directly manage all affairs without a separate board

Membership interests, patronage refunds, and equity instruments issued by LWCAs are exempt from securities registration requirements, and members/representatives may sell these without broker-dealer registration

Effective October 1, 2026, with associated fee schedules ($100 processing fee for articles of organization, $300 annual report fee, $25 name reservation fee)