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§ 12-411. Expiration and renewal of license

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2021

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 4. Maryland Money Transmission Act
Effective: October 1, 2021
MD Code, Financial Institutions, § 12-411
§ 12-411. Expiration and renewal of license
Initial license term
(a) Subject to any regulations the Commissioner adopts in connection with the transition to NMLS, an initial license term shall:
(1) Begin on the day the license is issued; and
(2) Expire on December 31 of the year:
(i) The license is issued, if the license is issued before November 1; or
(ii) Succeeding the year that the license is issued, if the license is issued on or after November 1.
Renewal of license
(b) On or after November 1 of each year, a license may be renewed for a 1-year term, if the licensee:
(1) Otherwise is entitled to be licensed;
(2) Files evidence of a surety device required under § 12-412 of this subtitle;
(3) Pays to the Commissioner a nonrefundable renewal fee of $2,000; and
(4) Submits to the Commissioner:
(i) A renewal application in the form and in accordance with the process that the Commissioner requires;
(ii) A financial statement that complies with the requirements of § 12-407(b)(4) of this subtitle; and
(iii) Any other information that the Commissioner reasonably requires to determine that the renewal applicant continues to be eligible to be licensed.
License renewal and other fees
(c) In addition to the license renewal fee required under subsection (b)(3) of this section, an applicant for a license renewal shall pay to NMLS the fee that NMLS imposes in connection with the renewal application.

Credits

Added as Financial Institutions § 12-409 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 541, § 1, eff. July 1, 1980; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 1997, c. 23, § 1, eff. Oct. 1, 1997. Renumbered as Financial Institutions § 12-411 by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002; Acts 2012, c. 78, § 1, eff. June 1, 2012; Acts 2021, c. 100, § 3, eff. Oct. 1, 2021.
Formerly Art. 11, § 217.
MD Code, Financial Institutions, § 12-411, MD FIN INST § 12-411
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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