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§ 11-607. Approval or denial of license

West's Annotated Code of MarylandFinancial InstitutionsEffective: May 8, 2020

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 6. Mortgage Loan Originators (Refs & Annos)
Effective: May 8, 2020
MD Code, Financial Institutions, § 11-607
§ 11-607. Approval or denial of license
Investigation by Commissioner
(a) When an applicant for a license files the application and pays the fees required by § 11-604 of this subtitle, the Commissioner shall conduct an investigation to determine if the applicant meets the requirements of § 11-605 of this subtitle.
Duty of Commissioner to issue license to qualified applicants
(b) The Commissioner shall issue a license to an applicant who meets the requirements of § 11-605 of this subtitle.
Incomplete applications
(c) If the Commissioner notifies an applicant that the application is incomplete:
(1) The Commissioner's notice shall itemize the steps which the applicant must take to complete the application; and
(2) The application may not be approved until after the applicant supplies or completes all items and steps identified in the Commissioner's notice.
Denial of application
(d) The Commissioner may deny an application:
(1) If the applicant fails to qualify for a license under this subtitle; or
(2) For any reason that a license may be revoked or suspended under this subtitle or a mortgage lender license may be suspended or revoked under § 11-517 of this title.
Deadline for determination
(e) The Commissioner shall approve or deny an application within 60 days after the Commissioner receives a completed application.

Credits

Added by Acts 2005, c. 590, § 1, eff. Oct. 1, 2005. Amended by Acts 2009, c. 4, § 1, eff. July 1, 2009; Acts 2011, c. 148, § 1, eff. Oct. 1, 2011; Acts 2020, c. 628, § 1, eff. May 8, 2020.
MD Code, Financial Institutions, § 11-607, MD FIN INST § 11-607
Current through all legislation from the 2020 Regular Session of the General Assembly.
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