MD Issues Guidance on Licensable Activity, Emergency Regulations

The Maryland Office of Financial Regulation (OFR) recently issued guidance on licensable activity to reflect the office’s understanding of the state appellate court’s decision in Estate of Brown v. Ward, 261 Md. App. 385 (2024).  According to the OFR’s guidance, absent an express exemption from licensing requirements, any person that acquires or obtains assignments of any mortgage loans are subject to licensing requirements under Maryland’s Installment Loan Licensing and Mortgage Lender laws.

The OFR also issued emergency regulations to clarify licensing procedures for passive trusts.  While these emergency regulations became effective January 10, 2025, OFR is suspending enforcement through April 10, 2025.