NMLS to manage Maryland’s Debt Settlement Services Provider Licenses

MARYLAND — The Commissioner of Financial Regulations will begin accepting electronic surety bonds for Debt Settlement Services Provider registration through the Nationwide Multistate Licensing System (NMLS) starting Aug. 1, 2019.

As of July 10, a conversion deadline for existing surety bonds is to be determined, according to the NMLS website.

Maryland requires a $50,000 bond to hold a Debt Settlement Services Provider License, according to state law.

NMLS has been managing several other license types for Maryland since August 2017. Each license requires a surety bond:

 

  • Collection Agency License: $5,000 bond
  • Consumer Loan License: $50,000 bond
  • Credit Services Business License: $50,000 bond
  • Debt Management License: $10,000 bond
  • Installment Loan License: $50,000 bond
  • Money Transmitter License: $150,000 bond
  • Mortgage Lender License:  Bond amount varies
    • An applicant filing five or more applications at the same time can provide a blanket surety bond of $750,000 for all licensed offices.

 

Information regarding the license types, bond forms and other information can be found on the ESB Adoption Map and Table posted on the NMLS Resource Center.

WHO TO CONTACT: The Commissioner of Financial Regulation licensing staff by phone at 410-230-6155 or 888-784-0136 for further assistance regarding Maryland specific requirements.

Alpha Surety & Insurance Brokerage will be happy to answer any questions regarding the Maryland Debt Settlement Surety Bond or any surety bond questions in general. You can call 800-901-3099 or send an email through the contact us page. We are here to answer your questions and help you fully understand surety bonds whether or not you choose to bond with us.

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