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

Maryland's SB 662 (Maryland Stablecoin Act) establishes a new regulatory framework for financial institutions providing stablecoin services, directly affecting nondepository trust companies authorized to operate in the state. The bill creates specific licensing categories - “Permitted Payment Stablecoin Issuers” and “Payment Stablecoin Services Institutions” - requiring these entities to include certain disclosures in their articles of incorporation and follow new capital stock rules. It modifies existing fee structures for bank charters and exempts qualifying nondepository trust companies from some standard financial regulations while authorizing the Commissioner of Financial Regulation to adjust capital requirements under certain circumstances. The law defines key terms like “payment stablecoin services” and sets up a clear path for these institutions to legally operate within Maryland’s financial system.