Maryland’s Office of Financial Regulation (OFR) is reminding licensees that assessments are due by June 30, 2025, under the state’s new funding model.

Unlike the previous system, which charged a fixed fee per physical branch, the new model calculates assessments based on each licensee’s business activity within Maryland. This change is designed to create a more equitable and activity-based fee structure.

Assessment notices were sent in May through the Nationwide Multi-state Licensing System.

To help licensees navigate the changes, OFR has also released a list of frequently asked questions about the new assessment process:

• Q: Is this assessment new?
• A: Based on legislation passed by the Maryland General Assembly in 2023, OFR transitioned from a previous fee to license individual branch offices to a new assessment funding mechanism. As part of the planned transition, OFR did not issue assessments in 2023 or 2024; assessments have now commenced in 2025. This assessment will ensure OFR has the resources necessary to continue its consumer protection and regulatory operations.

• Q: Is this the same as the fee to renew my license? If I already paid to renew my license, do I need to pay this assessment?
• A: The annual assessment is unrelated to license renewal fees. These are two separate requirements.

• Q: Will I be assessed this amount every year going forward?
• A: Not necessarily. OFR reviews its fund balance and revenue and expense projections to determine the amount of each year’s assessment. Assessments may vary, upward or downward, from year to year.

• Q: Where do I find how my assessment was calculated?
• A: As the law requires, the assessment amount is determined by OFR each year. An explanation of the calculation for your assessment can be found in your invoice.