MD OFR Begins Collecting FY26 Assessments

The Maryland Office of Financial Regulation (OFR) issued a Notice announcing it will begin collecting an annual assessment from non-depository licensees to help fund the cost of administering and enforcing the State’s non-depository financial laws. Assessments for FY2026 will be sent via NMLS soon and are due within 30 days of issuance. Failure to pay on time could result in administrative action. Assessments are in addition to license renewal and examination fees already paid by licensees.

The law granting OFR authority to issue annual assessments was enacted in 2023 as covered by WBK here. The law grants OFR considerable discretion in setting assessment amounts but it must consider several enumerated factors, including, among other things, the type and volume of business conducted by the licensee in Maryland, the licensee’s assets, and any other factor OFR deems appropriate. Assessments must be reasonable and set in a manner that will collectively produce funds sufficient to cover the direct and indirect costs of fulfilling OFR’s statutory and regulatory duties related to licensees. While there is no specific cap on the assessment amounts OFR can impose, the funds collected must be deposited in a specific fund and OFR cannot spend more from that fund than the amount approved by the General Assembly in its annual State budget. If OFR collects more than that amount, the excess is carried forward to the next year.

While the Notice did not disclose how the FY26 assessments will be calculated, some mortgage lenders have reported their assessment is based on certain data in their Maryland Mortgage Call Report and can be up to a maximum amount of $50,000.