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§ 11-203.1. License requirement

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

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 2. Consumer Loans--Licensing Provisions (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 11-203.1
§ 11-203.1. License requirement
In general
(a) Unless a person is licensed by the Commissioner, the person may not:
(1) Make a loan; or
(2) In any way use any advantage provided by the Maryland Consumer Loan Law.
Licensed locations
(b) Except as otherwise provided in § 11-204 of this subtitle or authorized by the Commissioner by regulation, a licensee may not engage in the business of making loans at a location other than a licensed location.
Duties of licensee
(c) During the time period established by the Commissioner under subsection (d) of this section, each licensee shall:
(1) Obtain and maintain a valid unique identifier issued by NMLS when an account is created with NMLS;
(2) Transfer licensing information to NMLS; and
(3) Pay to the Commissioner a license extension fee calculated in accordance with subsection (d)(5) of this section.
Transfer of licensing information to NMLS
(d)(1) The Commissioner shall establish a time period that is not less than 2 months within which a licensee must transfer licensing information to NMLS.
(2) The time period that the Commissioner establishes under this subsection shall begin on or after July 1, 2017.
(3) At least 30 days before the transfer period begins, the Commissioner shall:
(i) Notify all licensees of the transfer period; and
(ii) Provide instructions for the transfer of licensing information to NMLS.
(4) For each licensee that complies with subsection (c) of this section, the term of the licensee's license shall extend to December 31 of the year in which the license otherwise would have expired.
(5) The license extension fee required under subsection (c)(3) of this section is nonrefundable and, based on the annual license fee, shall be prorated to the number of days between the date the license otherwise would have expired and December 31 of the same year.
Application through NMLS
(e) Subject to subsection (c) of this section, an applicant for an initial license or a license renewal shall apply for the initial license or license renewal through NMLS:
(1) On or after July 1, 2017; or
(2) If the Commissioner has not joined NMLS with respect to persons required to be licensed under this subtitle as of July 1, 2017, on or after the date that the Commissioner joins, as specified by the Commissioner by public notice.

Credits

Added by Acts 2017, c. 253, § 1, eff. July 1, 2017. Amended by Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 11-203.1, MD FIN INST § 11-203.1
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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