Home Table of Contents

§ 11-511. Expiration and renewal of license

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 5. Maryland Mortgage Lender Law (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 11-511
§ 11-511. Expiration and renewal of license
Currentness
In general
(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) At least 60 days before its expiration, a license may be renewed if the licensee:
(1) Otherwise is entitled to be licensed;
(2) Pays to the Commissioner a nonrefundable renewal fee set by the Commissioner; and
(3) Submits to the Commissioner:
(i) A renewal application on the form that the Commissioner requires; and
(ii) Satisfactory evidence of compliance with any continuing education requirements set by regulations adopted by the Commissioner.
Renewal term
(c) Subject to any regulations the Commissioner adopts in connection with the transition to NMLS, a renewal term shall:
(1) Be for a period of 1 year;
(2) Begin on January 1 of each year after the initial term; and
(3) Expire on December 31 of the year the renewal term begins.
Fees relating to renewal application
(d) In addition to the license renewal fee required under subsection (b)(2) of this section, an applicant for a license renewal shall pay to NMLS any fees that NMLS imposes in connection with the renewal application.
Refund of license fee
(e) If a license is surrendered voluntarily, or is suspended or revoked, the Commissioner may not refund any part of the license fee regardless of the time remaining in the license term.

Credits

Added by Acts 1989, c. 476, § 3, eff. July 1, 1989. Amended by Acts 1991, c. 66; Acts 1997, c. 22, § 1, eff. Oct. 1, 1997; Acts 1997, c. 588, § 1, eff. Oct. 1, 1997; Acts 1998, c. 760, § 1, eff. Oct. 1, 1998; Acts 1998, c. 761, § 1, eff. Oct. 1, 1998; Acts 2008, c. 7, § 2, eff. June 1, 2008; Acts 2008, c. 8, § 2, eff. June 1, 2008; Acts 2009, c. 4, § 1, eff. July 1, 2009; Acts 2012, c. 254, § 1, eff. July 1, 2012; Acts 2017, c. 479, § 1, eff. June 1, 2017; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 11-511, MD FIN INST § 11-511
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.
End of Document