MarylandHB 13552026 Regular SessionHouse

Financial Institutions - Payment Stablecoin Services - Establishment and Regulation (Maryland Stablecoin Act)

Sponsored By: Marlon Amprey (Democratic)

Signed by Governor

Financial InstitutionsBanks and Trust CompaniesCommerce and Business -see also- ElectrComm; ForeignTr; etc.CryptocurrencyDisclosureFees -see also- Attys' Fees; Devt Fees & TaxesFinancial Institutions -see also- Banks; Credit Unions; etc.Financial Regulation, Division ofRules and RegulationsStandards and Best PracticesTechnology -see also- AeroT; BioT; EnergyT; InfoT; MedT; etc

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Bill Overview

Analyzed Economic Effects

7 provisions identified: 4 benefits, 1 costs, 2 mixed.

Lower fee for new bank charters

Beginning January 1, 2027, the nonrefundable exam fee for a new Maryland commercial bank charter is $7,000, down from $15,000. This cuts startup costs for applicants by $8,000.

Stronger oversight and penalties for stablecoin firms

Beginning January 1, 2027, the Commissioner can investigate and enforce rules against certificate holders and anyone doing business that needs a certificate. The Commissioner may suspend or revoke a certificate for false statements, unsafe practices, refusing exams, fraud, certain crimes, legal violations, or insolvency, after notice and a hearing. Surrendering a certificate does not erase past civil or criminal liability, and fees for that year still apply. The Commissioner may also share information with the Board and other regulators to coordinate supervision.

State stablecoin regulator and rulemaking powers

Beginning January 1, 2027, the Office of Financial Regulation is the State Payment Stablecoin Regulator. The Commissioner must seek federal certification under the Federal Genius Act of 2025 and can make rules, including limited waivers for certain trust companies seeking State Issuer authority. The Commissioner may use the national NMLS system for licensing. The law also adds shared definitions across bank and credit union laws and ties some existing exemptions to the new stablecoin title to align oversight.

Stablecoin licenses for trust and CUSO firms

Beginning January 1, 2027, certain nondepository trust companies and credit union service organizations can get a state certificate to offer stablecoin services. The certificate lists the exact products and powers allowed, and firms must post it on their website. The law defines covered services like exchanging stablecoins, custody, and reserve management; issuing a stablecoin needs a separate State Issuer certificate. Holders cannot make loans, take consumer or insured deposits, claim funds are insured, or offer anything not listed.

Trust companies: tailored path into stablecoins

Beginning January 1, 2027, nondepository trust companies can be granted the power to do business under the stablecoin law. Their articles must state they will seek that authorization and include any extra information the Commissioner requires. These firms are exempt from one trust‑company powers rule and from a receivership surety bond or pledge. They may also ask to reduce capital stock requirements if safety and soundness are maintained.

Banks and credit unions must notify

Beginning January 1, 2027, commercial banks must notify the Commissioner before seeking federal approval to be a permitted stablecoin issuer or before offering stablecoin services. Credit unions must also give notice before seeking approval or offering those services. The Commissioner will set the notice process by regulation. This rule does not apply to credit union service organizations already authorized under the stablecoin law.

Certificate application fees and 60-day decisions

Beginning January 1, 2027, firms applying for a stablecoin certificate must pay a nonrefundable application fee equal to the exam fee for a new bank charter. The Commissioner must decide a complete application within 60 days, or give notice within 10 business days if more time is needed. The Commissioner also sets ongoing assessments for Title 14 institutions by regulation. These rules give clear timing but add filing and supervisory costs.

Sponsors & Cosponsors

Sponsor

Marlon Amprey
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 176 • No: 1

Senate vote • 4/6/2026

Third Reading Passed

Yes: 46 • No: 0

House vote • 3/18/2026