Continental Finance Caught Making Illegal Loans—$5.75M Maryland Credit Card Settlement Pays Up to $100 Per Account
Continental Finance agreed to a $5.75 million settlement resolving a class action lawsuit alleging the company made or serviced personal loans under $25,000 to Maryland consumers without the required state license. Up to 60,000 Maryland residents who had Continental Finance credit cards serviced by the company from March 2014 to present may receive between $65 and $100 per account by filing a claim.
The lawsuit claimed Continental violated Maryland Consumer Loan Law by operating without proper licensing, rendering the loans void and unenforceable under state law. This settlement marks one of the largest consumer lending compliance cases in Maryland, with payments expected to begin in 2026 after final court approval.
This Affects You If You Had a Continental Finance Credit Card in Maryland
This affects you if you had a credit card issued to you in Maryland by the Bank of Missouri or Celtic Bank and serviced by Continental Finance Company, LLC or Continental Purchasing, LLC at any point from March 2014 to the present. Understanding this Continental Finance settlement matters because you may have been paying on a loan that Maryland law considers void and unenforceable due to the company’s licensing violations. The settlement provides cash compensation for every affected account, but you must file a claim to receive your payment.
What the Lawsuit Alleged About Continental Finance’s Maryland Operations
What Maryland Law Requires for Consumer Lenders
Maryland Consumer Loan Law, specifically Maryland Code Annotated, Commercial Law § 12-314, requires any person or company making or servicing personal loans under $25,000 to Maryland residents to obtain a license from the state. This licensing requirement exists to protect consumers by ensuring lenders meet specific standards, maintain proper records, and comply with Maryland’s consumer protection regulations.
The Maryland Credit Services Businesses Act, Maryland Code Annotated, Commercial Law § 14-1901, also regulates businesses that provide credit services to Maryland consumers. These laws work together to create a comprehensive regulatory framework designed to prevent predatory lending and protect vulnerable consumers.
Violations of these licensing requirements are serious. Under Maryland law, loans made without proper licensing may be considered void and unenforceable, meaning the lender has no legal right to collect payments or retain money already collected from borrowers.
What Continental Finance Allegedly Did Wrong
The class action lawsuit alleged that Continental Finance Company, LLC and Continental Purchasing, LLC made or serviced personal loans under $25,000 to Maryland consumers without obtaining the required license under Maryland Consumer Loan Law. The plaintiffs claimed these operations violated state law and rendered the loans void and unenforceable.
According to the complaint, Continental partnered with banks including the Bank of Missouri and Celtic Bank to issue credit cards to Maryland residents. While these banks issued the cards, Continental Finance serviced the accounts—collecting payments, managing billing, and handling customer service.
The lawsuit argued that by servicing these loans without proper Maryland licensing, Continental violated state law. Plaintiffs claimed that Continental was not entitled to retain amounts collected on these unlicensed loans and that affected consumers deserved restitution.
The legal theories included violations of Maryland Consumer Loan Law, breach of contract, unjust enrichment, and violations of the Maryland Credit Services Businesses Act. Plaintiffs presented evidence that Continental serviced thousands of Maryland consumer accounts without proper state licensing during the class period.
Continental’s Response and Settlement Negotiations
Continental Finance denied all allegations of wrongdoing and maintained that its operations complied with applicable laws. The company argued that its partnerships with licensed banks were legal and that it was not required to obtain a separate Maryland license for servicing activities.
However, Continental agreed to the $5.75 million settlement to avoid the cost, risk, and uncertainty of continued litigation. The settlement does not include any admission of liability or wrongdoing by Continental Finance.
The settlement was reached after extensive negotiations between the parties. The U.S. District Court for the District of Maryland authorized notice to class members and will hold a final approval hearing to determine whether the settlement is fair, reasonable, and adequate for the class.
What the $5.75 Million Continental Finance Settlement Provides
Settlement Fund and Payment Structure
The $5.75 million settlement fund will be distributed among eligible class members who file valid claims. After deducting attorneys’ fees (typically 25-33% or approximately $1.4-$1.9 million), settlement administration costs (estimated $100,000-$200,000), and service awards to named plaintiffs (typically $5,000-$15,000 each), approximately $3.5-$4 million remains for class member payments.
With up to 60,000 eligible Maryland residents, each qualifying account is expected to receive between $65 and $100. The exact payment amount depends on the total number of valid claims filed. If fewer people file claims, individual payments may increase. If more claims are filed than anticipated, payments will be distributed on a pro-rata basis.
Pro Tip: You don’t need to prove you were harmed or provide extensive documentation to receive payment. If you had a Continental Finance credit card with a Maryland billing address and made at least one payment during the class period, you’re entitled to compensation. File your claim even if you paid off the account years ago—that money is yours.
Eligibility Requirements
Class members must meet all of the following criteria to receive a settlement payment. You must be a Maryland resident. You must have had a credit card account issued by the Bank of Missouri or Celtic Bank (First Bank & Trust SD). Continental Finance LLC or Continental Purchasing, LLC must have serviced your account at any point from March 2014 to the present. You must have made at least one payment on the account.
Each eligible account is entitled to only one payment. If there are co-borrowers on an account, they will be treated as a single class member for settlement purposes and will share one payment.
Excluded from the class are persons who timely and validly request exclusion from the settlement, the judge and court staff assigned to the case, Continental Finance’s officers and directors, and anyone found guilty of initiating or aiding in criminal activity related to these accounts.
How to File Your Claim
To receive your settlement payment, you must file a claim form. Visit the official settlement website at MarylandContinentalSettlement.com to access the claim form and complete settlement information.
You can submit your claim online or download a paper form to print, complete, and mail to the settlement administrator. The claim form requires basic information to verify you’re a class member, including your name, address, and account information if available.
You do not need to provide extensive documentation to receive payment. The settlement administrator will verify eligibility based on Continental Finance’s records and the information you provide in your claim form.
Critical Deadlines and Timeline
The specific claim filing deadline will be announced on the settlement website and in notices mailed to class members. Claim deadlines in class action settlements typically fall 90-120 days after preliminary approval or notice mailing.
The objection deadline for class members who disagree with the settlement terms and the opt-out deadline for those who want to exclude themselves from the settlement will also be announced with the claim deadline.
The final approval hearing date has not yet been publicly announced but will be scheduled after the claim and objection deadlines pass. At this hearing, the court will determine whether to grant final approval to the settlement.
After final approval, the settlement administrator will process claims and distribute payments. This typically takes 6-12 months after the claim deadline, meaning eligible class members can expect payments in 2026 or early 2027.
What You Must Know About Maryland Consumer Lending Laws
Understanding Your Rights as a Maryland Consumer
Maryland has robust consumer protection laws designed to protect residents from predatory lending and unfair business practices. The Maryland Consumer Loan Law requires licensing for companies making or servicing personal loans under $25,000 specifically to ensure lenders meet minimum standards and protect consumer interests.
As a Maryland consumer, you have the right to know whether companies lending you money or servicing your loans are properly licensed. You have the right to challenge the enforceability of loans made in violation of state licensing requirements. You have the right to file complaints with the Maryland Attorney General’s Consumer Protection Division if you believe a lender is operating without proper licenses.
You also have the right to dispute billing errors on credit card accounts, to withhold payment on disputed charges during investigation periods, and to sue for violations of Maryland consumer protection laws. Understanding these rights helps you protect yourself from illegal or predatory lending practices.
How This Settlement Compares to Other Consumer Lending Cases
The $5.75 million Continental Finance Maryland settlement is significant in the context of consumer lending compliance cases. For comparison, a similar case involving Mercury Financial resulted in an identical $5.75 million settlement for Maryland residents affected by unlicensed lending practices. That settlement provided $65-$100 payments to approximately 60,000 class members.
Consumer lending violation settlements typically range from hundreds of thousands to tens of millions of dollars depending on the number of affected consumers, the severity of violations, the strength of the legal claims, and the defendant’s financial resources. The $65-$100 per-account payment in the Continental Finance settlement is consistent with typical per-person payouts in licensing violation cases.
Recent comparable settlements in Maryland include cases against other non-bank lenders and credit servicers who allegedly operated without proper state licenses. These cases reflect increased enforcement of Maryland’s consumer lending laws and growing awareness among consumers of their rights under state law.
Factors affecting settlement size in these cases include the number of affected consumers, the types of licensing violations alleged, evidence of intentional violations versus compliance oversights, the defendant’s ability to pay, the strength of plaintiffs’ legal claims under Maryland law, and potential damages if cases proceed to trial.
Your Rights and Options Under This Settlement
You have several options as a class member in the Continental Finance settlement. If you accept the settlement, you can file a claim by the deadline to receive your payment between $65 and $100. By accepting the settlement, you remain a class member and release all claims against Continental Finance related to the alleged Maryland licensing violations during the class period. You cannot sue Continental Finance individually for the same violations once you accept the settlement payment. This is the simplest option and ensures you receive compensation.
If you disagree with the settlement, you can object by filing a written objection with the court by the specified deadline. You can attend the final approval hearing to voice your concerns about the settlement amount or terms. However, you’re still bound by the settlement if the court approves it despite your objections—unless you also opt out.
You can opt out of the settlement entirely by sending a written opt-out request by the deadline specified in your notice. Opting out excludes you from the settlement class, preserves your right to sue Continental Finance individually, but means you receive nothing from this $5.75 million settlement. Opting out only makes sense if you have significant individual damages worth pursuing separately with your own attorney—such as extensive financial losses directly caused by the alleged licensing violations.
If you do nothing, you get nothing but are still bound by the settlement and release your claims against Continental Finance. This is the worst option because you give up your legal rights without receiving any compensation.
What to Do Next If You’re an Affected Maryland Cardholder
Immediate Steps to Take
If you had a Continental Finance credit card with a Maryland billing address at any time from March 2014 to the present, take immediate action. Locate any credit card statements, payment records, or correspondence from Continental Finance, the Bank of Missouri, or Celtic Bank. These documents can help verify your eligibility, though they’re not required to file a claim.
Visit MarylandContinentalSettlement.com for official settlement information, claim forms, and important deadlines. Review the settlement agreement and frequently asked questions to understand your rights and options.
File your claim as soon as the claim form becomes available. Don’t wait until the deadline approaches. Even if you paid off your account years ago or don’t have all your account documentation, file a claim. The settlement administrator can verify your eligibility using Continental Finance’s records.
Consider your options carefully. For most class members, accepting the settlement and filing a claim makes the most sense. Only consider opting out if you have significant individual damages and are willing to hire your own attorney to pursue separate legal action.
Protecting Yourself From Future Lending Violations
Review your current credit card and loan statements carefully. Check whether the lenders and servicers are properly licensed in Maryland. If you have questions about a lender’s license status, contact the Maryland Attorney General’s Consumer Protection Division or the Maryland Office of Financial Regulation.
Monitor your credit reports regularly for unauthorized accounts or suspicious activity. You’re entitled to free weekly credit reports from all three major credit bureaus through AnnualCreditReport.com.
Read all loan and credit card disclosures carefully before signing agreements. Understand the interest rates, fees, and terms. Know your rights under Maryland consumer protection laws. Document all communications with lenders and credit card companies.
If you believe a lender is operating without proper Maryland licensing, dispute any charges immediately in writing. File a complaint with the Maryland Attorney General’s Consumer Protection Division at [email protected] or (410) 528-8662. Report violations to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.
Consider consulting a consumer protection attorney if you’re facing collection efforts on loans you believe were made in violation of Maryland licensing laws. Many consumer protection attorneys offer free initial consultations and may take cases on a contingency fee basis.
Where to Find Reliable Information
The official settlement website at MarylandContinentalSettlement.com provides claim forms, frequently asked questions, important deadlines, court documents including the settlement agreement and preliminary approval order, and contact information for the settlement administrator.
Settlement administrator contact: Maryland Continental Settlement, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063. Phone: 866-274-4004. Email: [email protected].
For Maryland consumer protection resources, contact the Maryland Attorney General’s Consumer Protection Division at [email protected], (410) 528-8662, or visit their website for guidance on consumer lending laws.
The Consumer Financial Protection Bureau provides resources on credit card rights and consumer lending at consumerfinance.gov. File complaints about credit card companies or lenders through their online complaint portal.
For legal assistance, contact consumer protection attorneys if you’re considering opting out to pursue individual claims, legal aid organizations if you’re low-income and need help understanding your rights, or the Maryland State Bar Association’s lawyer referral service at (800) 492-1964.
Frequently Asked Questions
How much money will I get from the Continental Finance settlement?
Each eligible account will receive between $65 and $100 depending on the total number of valid claims filed. The exact amount will be determined after the claim deadline when the settlement administrator knows how many class members filed claims.
When is the deadline to file a Continental Finance claim?
The specific claim filing deadline will be announced on the settlement website at MarylandContinentalSettlement.com and in notices mailed to class members. Deadlines typically fall 90-120 days after preliminary approval or notice mailing.
What violations did Continental Finance commit in Maryland?
The lawsuit alleged Continental Finance made or serviced personal loans under $25,000 to Maryland consumers without obtaining the required license under Maryland Consumer Loan Law, rendering the loans void and unenforceable under state law.
Am I eligible for the Continental Finance Maryland settlement?
You’re eligible if you’re a Maryland resident who had a credit card issued by the Bank of Missouri or Celtic Bank, serviced by Continental Finance at any time from March 2014 to present, and made at least one payment on the account.
How do I file a claim for the Continental Finance settlement?
Visit MarylandContinentalSettlement.com to file your claim online or download a paper claim form. You’ll need to provide basic information to verify you’re a class member, but extensive documentation is not required.
Did Continental Finance admit to violating Maryland consumer lending laws?
No. Continental Finance denied all allegations of wrongdoing and agreed to the settlement without admitting liability to avoid the cost, risk, and uncertainty of continued litigation.
What changes is Continental Finance making to its Maryland operations?
The settlement agreement focuses on monetary compensation for affected class members. Continental Finance has not publicly announced specific operational changes in Maryland, though the company denies operating without proper licenses.
Last Updated: January 14, 2026 — We keep this current with the latest legal developments.
Disclaimer: This article provides information about the Continental Finance Maryland settlement based on the settlement agreement, court documents, and the official settlement administrator website at MarylandContinentalSettlement.com. It is not legal advice, and AllAboutLawyer.com does not provide legal services. If you have specific legal questions about the Continental Finance settlement or your rights as a Maryland consumer, consult a qualified attorney. Information is based on publicly available documents and may change as the case proceeds.
Take Action Now: Don’t miss out on your $65-$100 payment. Visit the official settlement website today to file your claim. Even if you paid off your Continental Finance account years ago, you’re still entitled to compensation if you were a Maryland cardholder during the class period.
Stay informed, stay protected. — AllAboutLawyer.com
About the Author
Sarah Klein, JD, is a licensed attorney and legal content strategist with over 12 years of experience across civil, criminal, family, and regulatory law. At All About Lawyer, she covers a wide range of legal topics — from high-profile lawsuits and courtroom stories to state traffic laws and everyday legal questions — all with a focus on accuracy, clarity, and public understanding.
Her writing blends real legal insight with plain-English explanations, helping readers stay informed and legally aware.
Read more about Sarah