---
type: "Bill"
title: "Financial Regulation - Modernizing Licensing of Non-Depository Institutions and Elimination of Branch License Requirements"
description: "Financial Regulation - Modernizing Licensing of Non-Depository Institutions and Elimination of Branch License Requirements"
jurisdiction: "us/states/md"
legislature: "Maryland General Assembly"
session: "2023"
identifier: "HB 686"
citation: "Maryland HB 686 (2023)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["Queen"]
version_count: 3
action_count: 15
vote_count: 0
first_action: "2023-02-06"
last_action: "2023-05-08"
source: "openstates"
source_identifier: "ocd-bill/fc02306d-4d80-41ad-8b8f-fe4449425c34"
source_url: "http://mgaleg.maryland.gov/mgawebsite/Legislation/Details/hb0686?ys=2023RS&search=True"
source_hash: "1a262bcb061bf34cd223ffbb8b48b8c990482113d5292e4ffea31f66dce30840"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-md"]
---

# Maryland HB 686 (2023) — Financial Regulation - Modernizing Licensing of Non-Depository Institutions and Elimination of Branch License Requirements

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Chapter - Financial Regulation - Modernizing Licensing of Non-Depository Institutions and Elimination of Branch License Requirements** (committee substitute) — [source](http://mgaleg.maryland.gov/2023RS/Chapters_noln/CH_567_hb0686t.pdf)
2. **First - Financial Regulation - Modernizing Licensing of Non-Depository Institutions and Elimination of Branch License Requirements** (committee substitute) — [source](http://mgaleg.maryland.gov/2023RS/bills/hb/hb0686f.pdf)
3. **Third - Financial Regulation - Modernizing Licensing of Non-Depository Institutions and Elimination of Branch License Requirements** (committee substitute) — [source](http://mgaleg.maryland.gov/2023RS/bills/hb/hb0686t.pdf)

## Sponsors

- Queen — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2023-02-06** First Reading Economic Matters `referral-committee`
- **2023-02-07** Hearing 3/01 at 1:00 p.m.
- **2023-02-08** Hearing canceled
- **2023-02-08** Hearing 2/22 at 1:00 p.m.
- **2023-03-18** Favorable Report by Economic Matters `committee-passage-favorable`
- **2023-03-18** Favorable Adopted Second Reading Passed `committee-passage-favorable`
- **2023-03-20** Third Reading Passed `passage`
- **2023-03-20** Referred Finance `referral-committee`
- **2023-03-21** Hearing 3/23 at 1:00 p.m.
- **2023-03-31** Favorable Report by Finance `committee-passage-favorable`
- **2023-03-31** Favorable Adopted `committee-passage-favorable`
- **2023-03-31** Second Reading Passed
- **2023-04-05** Third Reading Passed `passage`
- **2023-04-05** Returned Passed
- **2023-05-08** Approved by the Governor - Chapter 567 `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/fc02306d-4d80-41ad-8b8f-fe4449425c34`. Confidence: reported (aggregated from official Maryland legislature records).