§ 11-403. License required to engage in business as sales finance company
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Financial Institutions, § 11-403
§ 11-403. License required to engage in business as sales finance company
(a) Except as otherwise provided in this subtitle, a person may not engage in business as a sales finance company unless the person is licensed by the Commissioner.
(b) A licensee may do business as a sales finance company only at a licensed location or as otherwise authorized by the Commissioner through regulation.
(c) A political subdivision may not require a licensee to have a local license or pay a local fee for permission to engage in business as a sales finance company.
(d) During the time period established by the Commissioner under subsection (e) of this section, each licensee shall:
(e)(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.
(f) Subject to subsection (d) of this section, an applicant for an initial license or a license renewal shall apply for the initial license or license renewal through NMLS:
Credits
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 2017, c. 253, § 1, eff. July 1, 2017; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 11-403, MD FIN INST § 11-403
Current through legislation effective through April 25, 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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