MarylandSB 06622026 Regular SessionSenate

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

Sponsored By: Benjamin F. Kramer (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

6 provisions identified: 3 benefits, 0 costs, 3 mixed.

Stablecoin firms cannot take deposits

Beginning January 1, 2027, stablecoin service firms may only do what their certificate lists. They cannot issue a payment stablecoin unless also certified as a state issuer. They cannot make loans, take consumer or insured deposits, or say funds are insured. These limits protect people from bank‑like risks at non‑banks.

Lower capital and bond rules for trusts

Beginning January 1, 2027, the Commissioner may lower the required capital stock for a nondepository trust company if safety and soundness are protected. Nondepository trust companies operating under Title 14 are exempt from the usual receivership pledge or surety bond rule.

How firms get stablecoin certificates

Beginning January 1, 2027, Maryland runs a new program for payment stablecoin firms. Nondepository trust companies and credit union service organizations must hold a state certificate to operate. The Office of Financial Regulation is the state stablecoin regulator and applies for federal recognition. Applicants file a sworn application with a business plan and key-person bios, and pay a nonrefundable fee equal to the state’s new‑bank exam fee. The Commissioner decides within 60 days of a complete filing, or gives notice of an extension within 10 business days. Certificates list the allowed products and must be posted online. Articles of incorporation must state if the firm plans to seek Title 14 authority. The Commissioner grants qualified nondepository trust companies the power to do Title 14 business.

Oversight and penalties for stablecoin firms

Beginning January 1, 2027, the Commissioner writes rules for safe and sound stablecoin business and can modify some trust‑company rules for state issuers within limits. The Commissioner can examine credit union service organizations and use enforcement powers under Titles 3, 5, and 6 and §§2–113 to 2–116. Certificates can be suspended or revoked for fraud, unsafe conduct, refusing exams, criminal convictions, insolvency, bankruptcy, or harmful products. Giving up a certificate does not erase past civil or criminal liability or fees for that year. The Commissioner sets assessments for Title 14 institutions by regulation.

Lower fee for new bank charters

Beginning January 1, 2027, the one‑time exam fee for a new commercial bank charter is $7,000, down from $15,000. This lowers upfront costs for charter applicants.

Banks must notify before stablecoin work

Beginning January 1, 2027, commercial banks, trust companies, and credit unions must notify the Commissioner before seeking federal stablecoin‑issuer approval or offering stablecoin services. This notice is not required for nondepository trust companies or CUSOs already authorized under Title 14, as stated in the law. Bank and credit union laws now use the same stablecoin terms as Title 14, and related exceptions are updated to fit the new framework.

Sponsors & Cosponsors

Sponsor

Benjamin F. Kramer
Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 173 • No: 0

House vote • 4/8/2026

Third Reading Passed

Yes: 128 • No: 0 • Other: 7

Senate vote • 3/12/2026