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Sales Finance Companies - Financial Regulation

A Sales Finance company engages, whether by purchase, discount, pledge, loan, or otherwise, in the business of acquiring, investing in, or lending money or credit on the security of any interest in (1) installment sale agreements made between other parties; (2) retail credit accounts (defined in Md. Code Ann., Com. Law §12-501), made between other parties; or (3)secured home improvement (defined in Md. Code Ann., Bus. Reg. § 8-101) transactions, made between other parties. Refer to Md. Ann. Code, Fin. Inst. §11-401 et seq., for legal requirements.  For more detailed information on this license type please proceed to the NMLS Resource Center.

License Requirements and Fees

A separate Branch License is required for each branch location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) who engages, whether by purchase, discount, pledge, loan, or otherwise, in the business of acquiring, investing in, or lending money or credit on the security of any interest in (1) installment sale agreements made between other parties; (2) retail credit accounts (defined in CL §12-501), made between other parties; or (3)secured home improvement (defined in BR § 8-101) transactions, made between other parties. Refer specifically to Md. Code Ann., Fin. Inst. §11-403(b) and generally to Md. Ann. Code, Fin. Inst. §11-401 et seq., for legal requirements.

Branch License Requirements and Fees

Additional Information and Documents


Laws, Rules, and Regulations

Applicants and licensees are expected to be knowledgeable about and in compliance with the Consumer Loan Law, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR).  Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):