Maryland residents who had a Genesis-owned credit card account may be able to claim a cash payment from the $4 million class fund in this $5.825 million settlement.
What Is This Settlement About?
Genesis Financial Solutions, Inc. has agreed to a settlement valued at $5,825,000 — including a $4 million fund that pays cash to Maryland class members — to resolve a class action over its consumer credit practices in the state. The lawsuit, Ford v. Genesis Financial Solutions, Inc., filed in the U.S. District Court for the District of Maryland, alleged that Genesis made or serviced personal loans of $25,000 or less — extended through credit card accounts — to Maryland residents without the licenses required by the Maryland Consumer Loan Law and the Maryland Credit Services Businesses Act, using an arrangement with a third-party bank under which Genesis owned the right to collect the payments of principal, interest, and fees on the accounts.Genesis denies the allegations and denies any wrongdoing — including on the ground that the credit card accounts were at all times issued and owned by banks. The company agreed to settle to avoid the cost, risk, and uncertainty of continued litigation. The settlement is not an admission of liability by anyone, and the Court has not decided which side is right.
Who Qualifies?
The Settlement Class includes all Maryland residents who obtained credit of $25,000 or less, made at least one purchase or took at least one cash advance, and made at least one payment, where the credit application was submitted from Maryland and where Genesis — through agreements with a third-party bank — owns the exclusive right to collect all payments of principal, interest, and fees on the account. Genesis estimates there may be as many as 125,000 class members. Excluded are people whose claims are barred by the statute of limitations, Genesis's employees and representatives, and court personnel.If you received a notice about this settlement by mail or email, Genesis's records indicate that you are included in the Settlement Class. The class definition set out in the official settlement notice controls who is eligible, so review that notice if you are unsure whether your account qualifies.
How Much Can You Get?
Genesis will pay $4,000,000 into a Settlement Payment Fund used to pay cash to class members who submit a valid claim. Separately, and on top of that fund, Genesis will pay the settlement's administrative costs, $1,700,000 in attorneys' fees and costs, and an incentive award to the class representative — none of which reduces the money available to class members. In total, Genesis will pay $5,825,000.Genesis estimates that, if all eligible class members file and administrative costs stay at or below $200,000, each valid claimant would receive a net payment of approximately $30. If fewer than all class members file, valid claimants may receive more. Because the fund is divided among the valid claims actually submitted, the exact amount is not guaranteed. If money remains after payments, the settlement allows a second distribution and, after that, directs any balance to court-approved cy pres recipients rather than back to Genesis.
The settlement also requires Genesis to give Maryland cardholders at least 45 days' notice before changing the arbitration terms in their cardholder agreements.
How to File a Claim
You can file a claim online through the official settlement website, or download, complete, and mail the paper claim form. Your claim form must include your name, mailing address, email (if any), how you want to be paid, and any unique claimant ID code or other information the administrator needs to confirm your identity — so have your notice handy when you file. No receipts or out-of-pocket documentation are required.The deadline to submit a claim is June 29, 2026 — the same date that applies if you instead want to exclude yourself (opt out) or object. The Court has scheduled a fairness hearing for October 20, 2026 at 10:00 a.m., where it will decide whether to approve the settlement and the requested fees and award. If you believe you are a class member but did not receive a notice, use the contact options on the official settlement website to ask the administrator how to proceed.
Important: The official settlement administrator will never ask you to pay a fee to receive a settlement payment. File only through the official settlement website, and ignore anyone who asks for payment to "release" your funds.
Frequently Asked Questions
Who qualifies for the Genesis Financial Solutions Maryland settlement?
The Settlement Class generally includes Maryland residents who submitted a credit application from Maryland and whose loan Genesis Financial Solutions — through an agreement with a third-party bank — owns the exclusive right to collect all payments of principal, interest, and fees. If you received a notice about this settlement by mail or email, Genesis's records indicate you are included. The class definition in the official notice controls.
How much money can I get?
Genesis will pay $4,000,000 into a Settlement Payment Fund that is divided among class members who submit a valid claim. Attorneys' fees and costs ($1,700,000), administrative costs, and an incentive award to the class representative are paid separately by Genesis and do not reduce that fund; in total Genesis will pay $5,825,000. Genesis estimates there may be as many as 125,000 class members and that, if all eligible members file and administrative costs stay at or below $200,000, the net payment could be approximately $30 per person — potentially more if fewer members file.
What is the claim deadline?
The deadline to submit a claim is June 29, 2026. You can file online or by downloading, completing, and mailing the paper claim form. The Court has scheduled a final approval hearing for October 20, 2026.
Do I need proof to file a claim?
You do not need to submit receipts or out-of-pocket documentation. The online claim is tied to the Class Member ID or notice information Genesis mailed or emailed to class members, so filing generally requires the identifier printed on your notice. If you believe you are a class member but did not receive a notice, use the contact options on the official settlement website to ask the administrator how to file.
What did the lawsuit allege?
The lawsuit, Ford v. Genesis Financial Solutions, Inc., alleged that Genesis made or serviced personal consumer loans of less than $25,000 to Maryland residents without the licenses required by the Maryland Consumer Loan Law and the Maryland Credit Services Businesses Act, using an arrangement with a third-party bank. Genesis denies the allegations and any wrongdoing and agreed to settle to avoid the cost and risk of continued litigation.
Official Settlement Notice (PDF)
Sources
- Official Settlement Website — Maryland Genesis Settlement
- Official Settlement Notice (PDF)
- Ford v. Genesis Financial Solutions, Inc., No. 8:23-cv-02156-DLB (D. Md.) — Justia docket
