MD SB784

Repeals Section 11-102 of the Financial Institutions Article, which had exempted entities from licensing requirements when they acquire or are assigned mortgages, mortgage loans, or installment loans without otherwise engaging in those lending activities

Removes the exemption that allowed passive loan acquirers (those who buy loans but don't originate them) to avoid state licensing requirements for financial service providers

Declared by the General Assembly to be a "clarifying corrective measure" to fix an error made in Chapter 118 of the 2025 Acts

Takes effect July 1, 2026

Introduced by Senator Jackson on February 6, 2026; received favorable committee report from Finance Committee and was adopted by the Senate