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| Maryland - Commissioner of Financial Regulation |
The Maryland Commissioner of Financial Regulation is the primary regulator for many State-chartered financial institutions, including, banks, credit unions, and trust companies, and State-licensed financial entities such as, consumer finance companies, mortgage lenders and brokers, consumer debt collection agencies, check cashers, and money transmitters. The Commissioner’s office is part of the Department of Labor, Licensing and Regulation.
The Commissioner is responsible for supervising the activities of these businesses to ensure compliance with the financial institution laws and regulations of Maryland. Supervision includes periodic on-site examinations, as well as, off-site monitoring programs.
Each year, the Commissioner handles numerous corporate applications from the banking industry, including formation of new banks, charter conversions, mergers and acquisitions, affiliates, trust powers, foreign bank offices, branches, etc. The Commissioner is also responsible for issuing licenses to consumer, installment and mortgage lenders, check cashers, and money transmitters.
The Commissioner provides assistance to consumers by investigating complaints of questionable business practices involving the financial institutions under its supervision.
Use the following link to access the Commissioner of Financial Regulations website for more current information
http://www.dllr.state.md.us/finance/
Contact and Location Information
Department of Labor, Licensing and Regulation
Commissioner of Financial Regulation
500 North Calvert Street
Suite 402
Baltimore, MD 21202
Hours of Operation: 8:30 a.m. to 5:00 p.m.,
Monday through Friday, excluding holidays.
Telephone Number: (410) 230-6100
Fax Numbers: (410) 333-3866 or (410) 333-0475
File a Complaint
A Maryland resident may file a complaint simply by writing a letter. Send your letter to:
Commissioner of Financial Regulation
Attention Complaint Unit
500 North Calvert Street, Suite 402
Baltimore, Maryland 21202
Attach copies of any supporting documents to assist in the complaint investigation. Typically, complaints are resolved within 45 days.
To ensure your concerns are fully addressed:
- Limit your complaint to one page.
- State only the facts.
- Include your account number, the respondent or your own name and address and your daytime phone number.
- Indicate an acceptable resolution for your complaint.
Entities Regulated – Licenses
The following entities are regulated by the Commissioner of Financial Regulations…
- Banks
- Credit Unions
- Consumer credit Companies
- Mortgage Lenders
- Sales Finance Offices
- Consumer/Installment Loan Offices
- Collection Agencies
- Money Transmitters
- Check Cashers
The above entities must be licensed.
Use the attached link to find out how to apply for a license in the state of Maryland..
http://www.dllr.state.md.us/finance/finregslicenses.htm
Mortgage Lenders- Continuing Education
Effective July 1, 2000, new regulations went into effect requiring continuing education for certain individuals working in the mortgage business.
Use the attached link to access more current information on continuing education requirements for mortgage lenders.
http://www.dllr.state.md.us/finance/mortlendac.htm
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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