# Maryland SB 0662: Financial Institutions - Payment Stablecoin Services - Establishment and Regulation (Maryland Stablecoin Act) Maryland SB 0662, Financial Institutions - Payment Stablecoin Services - Establishment and Regulation (Maryland Stablecoin Act), is a 2026 Regular Session Senate bill sponsored by Benjamin F. Kramer (Democratic); status signed, last action 2026-05-12 (Approved by the Governor - Chapter 513) (as of 2026-10-19). - Canonical: https://policyrisk.com/state-bill/MD-SB0662-2026RS - As of: 2026-10-19 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Maryland SB 0662 - State: Maryland - Session: 2026 Regular Session - Title: Financial Institutions - Payment Stablecoin Services - Establishment and Regulation (Maryland Stablecoin Act) - Status: signed - Chamber: Senate - Introduced: 2026-02-06 - Last action: 2026-05-12, Approved by the Governor - Chapter 513 - Sponsor: Benjamin F. Kramer (Democratic) - Cosponsors: 0 - Subjects: Financial Institutions, Banks and Trust Companies, Commerce and Business -see also- ElectrComm; ForeignTr; etc., Cryptocurrency, Disclosure, Fees -see also- Attys' Fees; Devt Fees & Taxes, Financial Institutions -see also- Banks; Credit Unions; etc., Financial Regulation, Division of, Rules and Regulations, Standards and Best Practices, Technology -see also- AeroT; BioT; EnergyT; InfoT; MedT; etc - Touches household money: no - Roll calls: 2 (173 yes, 0 no in all) - Economic provisions PRIA read: 6 ## Summary No summary available. ## Bill overview: provisions PRIA read - Stablecoin firms cannot take deposits: benefit, medium. 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‑li… - Lower capital and bond rules for trusts: benefit, medium. 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. - Lower fee for new bank charters: benefit, low. 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. - How firms get stablecoin certificates: mixed, medium. 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 recognitio… - Oversight and penalties for stablecoin firms: mixed, medium. 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… - Banks must notify before stablecoin work: mixed, low. 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, a… ## Sponsors and cosponsors - Sponsor: Benjamin F. Kramer (Democratic), Senate ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-04-08 | House | Third Reading Passed | pass | 128 | 0 | 7 | | 2026-03-12 | Senate | Third Reading Passed | pass | 45 | 0 | | ## Actions (12) - 2026-05-12: Approved by the Governor - Chapter 513 - 2026-04-09: Returned Passed (Senate) - 2026-04-08: Third Reading Passed (128-0) (House) - 2026-04-08: Favorable Adopted Second Reading Passed (House) - 2026-04-08: Favorable Report by Economic Matters (House) - 2026-03-13: Referred Economic Matters (House) - 2026-03-12: Third Reading Passed (45-0) (Senate) - 2026-03-10: Second Reading Passed (Senate) - 2026-03-10: Favorable Adopted (Senate) - 2026-03-09: Favorable Report by Finance (Senate) - 2026-02-11: Hearing 2/26 at 1:00 p.m. (Senate) - 2026-02-06: First Reading Finance (Senate) ## Bill text - Enacted, 2026-05-12: [PDF](https://mgaleg.maryland.gov/2026RS/Chapters_noln/CH_513_sb0662t.pdf) - Third Reading, 2026-03-10: [PDF](https://mgaleg.maryland.gov/2026RS/bills/sb/sb0662t.pdf) - First Reading, 2026-02-06: [PDF](https://mgaleg.maryland.gov/2026RS/bills/sb/sb0662f.pdf) ## Related bills - SB 0496: Maryland Medical Assistance Program - Coverage for the Treatment of Obesity - Authorization (became law) - SB 0366: Motor Vehicles - Intelligent Speed Assistance System Pilot Program - Establishment (became law) - SB 0244: Code Revision - Health - Maryland Medical Assistance Program (became law) - SB 0148: Income Tax - Credit for 9-1-1 Specialist Retirement Income (Supporting Our 9-1-1 Specialists Act) (became law) - SB 0016: Child Support - Earnings Withholdings Limits (became law) - HB 0529: Code Revision - Health - Maryland Medical Assistance Program (became law) ## Sources - [Enacted (PDF)](https://mgaleg.maryland.gov/2026RS/Chapters_noln/CH_513_sb0662t.pdf) - [Third Reading (PDF)](https://mgaleg.maryland.gov/2026RS/bills/sb/sb0662t.pdf) - [First Reading (PDF)](https://mgaleg.maryland.gov/2026RS/bills/sb/sb0662f.pdf) ## Related - [SB 0496: Maryland Medical Assistance Program - Coverage for the Treatment of Obesity - A…](https://policyrisk.com/state-bill/MD-SB0496-2026RS) - [SB 0366: Motor Vehicles - Intelligent Speed Assistance System Pilot Program - Establishm…](https://policyrisk.com/state-bill/MD-SB0366-2026RS) - [SB 0244: Code Revision - Health - Maryland Medical Assistance Program](https://policyrisk.com/state-bill/MD-SB0244-2026RS) - [SB 0148: Income Tax - Credit for 9-1-1 Specialist Retirement Income (Supporting Our 9-1-…](https://policyrisk.com/state-bill/MD-SB0148-2026RS) - [SB 0016: Child Support - Earnings Withholdings Limits](https://policyrisk.com/state-bill/MD-SB0016-2026RS) - [HB 0529: Code Revision - Health - Maryland Medical Assistance Program](https://policyrisk.com/state-bill/MD-HB0529-2026RS) - [Maryland bills](https://policyrisk.com/states/maryland/bills) - [Maryland state hub](https://policyrisk.com/states/maryland) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/MD-SB0662-2026RS (as of 2026-10-19).