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Financial Commissioner Issues Industry Advisory

A bill passed in 2023 by Maryland’s General Assembly authorized the Commissioner of Financial Regulation to impose an annual assessment on licensed individuals. The annual assessment is intended to ensure that the Commissioner’s Non-Depository Special Fund contains sufficient funds to cover the direct and indirect costs associated with the supervisory and regulatory activities of the Office of Financial Regulation, including the State Collection Agency Licensing Board.

Under that authority, the Commissioner will annually evaluate the fund balance, projected revenues, and anticipated expenses to determine whether an assessment is necessary and, if so, the amount to be assessed. The Commissioner currently anticipates issuing notices of assessment in April of each year. Licensed persons shall pay any assessment within 30 days of the date that the assessment is imposed based upon invoices issued through the Nationwide Multistate Licensing System (NMLS).

The Commissioner has determined that no assessment will be necessary during 2024. No assessment invoices will be issued during this year.

According to the advisory, this determination applies to the current year only. Determinations as to assessment amounts are made annually for each particular year and no particular assessment determination should be construed as suggesting a similar determination during any future year.

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