Beginning July 1, 2022, companies applying for a Maryland exempt collection agency registration from the Maryland Office of the Commissioner of Financial Regulation are required to apply via NMLS. Generally, the registration is required for any person who collects a debt for another person if (1) both persons are related by common ownership, (2) the person who is collecting the debt does so only for those persons to whom it is related by common ownership, and (3) the principal business of the person who is collecting the debt is not the collection of debts.
Among other requirements, applicants must upload a business plan, management chart, and organizational chart to their NMLS company form (Form MU1). These requirements are notably fewer in number than those for Maryland collection agency license applicants.
Companies holding the registration prior to July 1, 2022 were required to transition it to NMLS before that date to keep it active. Additionally, the registration must be renewed annually through the system by year end.