Financial Institutions – Definition of Student Financing Companies – Alteration

HB 61 modifies Maryland law to exclude institutions of postsecondary education (like colleges and universities) from being classified as "student financing companies" for regulatory purposes. This change removes these schools from certain registration and reporting requirements that apply to entities offering student loans. Specifically, it amends definitions in the Education and Financial Institutions articles to clarify that colleges/universities providing student financing are not subject to these financial regulations. The bill takes effect October 1, 2026.