MD SB662

Establishes a regulatory framework allowing nondepository trust companies to operate as "State Issuers" of payment stablecoins or as "Payment Stablecoin Services Institutions," and allows credit union service organizations to operate as Payment Stablecoin Services Institutions

Designates Maryland's Office of Financial Regulation as the State Payment Stablecoin Regulator, requiring the Commissioner of Financial Regulation to apply for federal certification under the Federal GENIUS Act of 2025

Reduces the examination fee for a new commercial bank charter from $15,000 to $7,000, and allows nondepository trust companies to request reduced capital stock requirements from the Commissioner

Requires certificate holders to meet qualifications including good moral character, financial responsibility, and business experience, with a 60-day application review period and Commissioner authority to approve, deny, suspend, or revoke certificates

Prohibits certificate holders from making loans, accepting consumer or insured deposits, or representing that deposited funds are insured, and takes effect January 1, 2027