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Financial Services Law Insights and Observations

Maryland issues executive order suspending repossessions, foreclosures, and evictions, and providing relief to commercial banks and credit unions

State Issues Covid-19 Maryland Auto Finance Mortgages Banking Credit Union

State Issues

On April 3, the Maryland governor issued an executive order prohibiting repossessions of an automobile, truck, or chattel home by a creditor, suspending the initiation of residential foreclosures, and prohibiting residential and commercial evictions. The order also allows the Commissioner of Financial Regulation to, upon the request of a state-chartered or credit union, suspend provisions of the Maryland Code to allow such institutions to exceed statutory lending limits if the commissioner determines that doing so would not reasonably be expected to impair the safety or soundness of the institution.

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