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§ 5-1108. Application for registration as structured settlement transferee

West's Annotated Code of MarylandCourts and Judicial ProceedingsEffective: October 1, 2016

West's Annotated Code of Maryland
Courts and Judicial Proceedings
Title 5. Limitations, Prohibited Actions, and Immunities (Refs & Annos)
Subtitle 11. Structured Settlements (Refs & Annos)
Effective: October 1, 2016
MD Code, Courts and Judicial Proceedings, § 5-1108
§ 5-1108. Application for registration as structured settlement transferee
Application
(a)(1) To apply for registration as a structured settlement transferee, an applicant shall:
(i) Submit to the Attorney General under oath an application on the form provided by the Attorney General; and
(ii) Pay a registration fee of $2,000, of which $1,500 shall be refundable in the event that the Attorney General denies the application for registration.
(2) All fees collected under this subsection shall be used to administer the registration program.
(3) In the case of an applicant that, at the time of its application, is not registered with the Attorney General as a structured settlement transferee, the Attorney General shall grant or deny an application for registration within 90 days of submission of the complete application and all applicable fees.
Renewal requirements
(b)(1) The Attorney General may require a structured settlement transferee to reapply for registration on an annual basis or less frequently, as the Attorney General determines.
(2) In the case of a registrant applying for renewal of its registration, the Attorney General shall grant or deny an application for registration within 30 days of submission of the complete application and all applicable fees.
Deadline extension
(c) If the Attorney General determines that additional information from an applicant is needed, the Attorney General may extend unilaterally the deadline for granting or denying the application for registration by an additional 60 days.
Information required
(d) The application for registration as a structured settlement transferee shall require an applicant to provide:
(1) The applicant's full name;
(2) The address of the applicant's principal office or place of business;
(3) In the case of an applicant who is an individual, the applicant's Social Security number;
(4) In the case of an applicant other than an individual:
(i) The applicant's federal employer identification number; and
(ii) The name and business address of:
1. Each officer, director, general partner, member, and manager, if a limited liability company, of the applicant;
2. If the applicant is not subject to reporting requirements under the Securities Exchange Act of 1934, each person who owns 5% or more of the applicant; and
3. Each officer, director, member, and principal of the applicant;
(5) Any trade name through which the applicant intends to do business as a transferee in the State, provided that a transferee may maintain registration of no more than four trade names; and
(6) Any other information that the Attorney General requires.
Denial of application
(e) If the Attorney General denies an application for registration, the Attorney General shall specify in writing the reason for the denial.

Credits

Added by Acts 2016, c. 721, § 2, eff. Oct. 1, 2016; Acts 2016, c. 722, § 2, eff. Oct. 1, 2016.
MD Code, Courts and Judicial Proceedings, § 5-1108, MD CTS & JUD PRO § 5-1108
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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