MD OFR Issues Advisory on Repeal of Inadvertent License Exemptions

The Maryland Office of Financial Regulation (OFR) issued an advisory explaining that a discrepancy in the final version of the Secondary Market Stability Act of 2025 (SMSA) has been corrected with the passage of SB 784. 

Certain exemptions from licensure that were inadvertently codified in the final version of the SMSA will be removed from the law when SB 784 becomes effective on July 1, 2026.  The advisory states that OFR will not take enforcement action against persons who, in good faith, relied upon the exemption provisions as long as they obtain the required license on or before July 1, 2026.