Maryland HB61 alters the definition of student financing companies to exclude certain institutions.

Maryland HB61 modifies the definition of student financing companies to exclude wholly owned subsidiaries of banks or credit unions and institutions of postsecondary education. This change affects entities engaged in student financing, which involves extending credit for postsecondary educational expenses. The bill also specifies that student financing does not include loans secured by real property or a dwelling. The amendments take effect on October 1, 2026.

Maryland HB61 alters the definition of student financing companies to exclude certain institutions.

Maryland HB61 modifies the definition of student financing companies to exclude wholly owned subsidiaries of banks or credit unions and institutions of postsecondary education. This change affects entities engaged in student financing, which involves extending credit for postsecondary educational expenses. The bill also specifies that student financing does not include loans secured by real property or a dwelling. The amendments take effect on October 1, 2026.