Home Table of Contents

§ 12-912. Expiration and renewal of license

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2017

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 9. Maryland Debt Management Services Act (Refs & Annos)
Effective: July 1, 2017
MD Code, Financial Institutions, § 12-912
§ 12-912. Expiration and renewal of license
Initial license term
(a) An initial license term shall:
(1) Begin on the date the license is issued; and
(2) Expire on December 31 of the year:
(i) In which the license is issued, if the license is issued before November 1; or
(ii) Immediately following the year that the license is issued, if the license is issued on or after November 1.
Renewal of license
(b) On or after November 1 of the year in which a license expires, the license may be renewed for an additional 1-year term if the licensee:
(1) Otherwise is entitled to be licensed;
(2) Pays to the Commissioner the renewal fee established under § 12-904 of this subtitle;
(3) Files with the Commissioner a surety bond renewal certificate or a new surety bond required under § 12-914 of this subtitle; and
(4) Submits to the Commissioner a renewal application in the form, and in accordance with the process, that the Commissioner requires.
Staggered expiration dates
(c) To the extent required or permitted by NMLS, the Commissioner may determine that licenses issued under this subtitle shall expire on a staggered basis.
Transfer of licensing information to NMLS
(d) A licensee may not renew a license unless, before the submission of the license renewal application, the licensee has transferred the licensee's licensing information to NMLS in accordance with § 12-906(c) of this subtitle.

Credits

Added by Acts 2003, c. 374, § 1, eff. Oct. 1, 2003; Acts 2003, c. 375, § 1, eff. Oct. 1, 2003. Amended by Acts 2017, c. 253, § 1, eff. July 1, 2017.
MD Code, Financial Institutions, § 12-912, MD FIN INST § 12-912
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.
End of Document