MD HB1516

Exempts "passive trusts" from Maryland mortgage lender licensing requirements when the trust only acquires or is assigned mortgage loans, does not originate loans, and is not engaged in brokering or servicing activities

Expands licensing exemptions to include trusts established by federal government instrumentalities (Freddie Mac, Fannie Mae, Ginnie Mae) for the purpose of acquiring mortgage loans

Establishes the Maryland Licensing Workgroup to study financial services licensing statutes and make recommendations on the existing licensing system and potential expansions, with a report due by December 31, 2025

Workgroup membership includes the Commissioner of Financial Regulation, representatives from consumer advocacy organizations, banking institutions, credit unions, nonbank mortgage businesses, and public members appointed by the Governor and legislature

Enacted as an emergency measure effective April 22, 2025, with the Workgroup provision expiring June 30, 2026