On Nov. 18, MD BANK issued notice for PBM collection agency license.
MD BANK issued notice on collection agency licensure, relating to requirement Inflation reduction act that Medicare prescription drug plan providers offer payment plans.
Maryland Collection Agency Licensing Act
Starting Jan. 1, 2025, Medicare prescription drug plan providers must offer payment plans; option pay out-of pocket prescription drug costs in capped monthly payments.
Pharmacy benefits managers (PBMs) may collect payments on behalf of plan providers.
Informing PBMs receiving these payments from Maryland consumers on behalf of plan provider deemed collection agency under MD law, must hold collection agency license.
PBMs that collect payment plans constitute collection agencies under the MD Collection agency licensing act (MCALA) (MD FIN 7-101); not limed to those that collect debt.
Collection agency licensure via Nationwide Multistate Licensing System (NMLS).
Applicant for Maryland collection agency licensure must create a company record, and must submit request for license; licenses must be renewed each year by Dec. 31.
Applicants must also provide a surety bond in the amount of at least $50,000.
