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§ 11-407. Approval or denial of application

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

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 4. Sales Finance Companies--Licensing Provisions
Effective: July 1, 2017
MD Code, Financial Institutions, § 11-407
§ 11-407. Approval or denial of application
Currentness
Investigation
(a) When an applicant for a license files the application and pays the fees required by § 11-404 of this subtitle, the Commissioner shall investigate the facts relevant to the application to determine if the applicant meets the requirements of this subtitle.
Deadline for decision
(b) The Commissioner shall approve or deny each application for a license within 60 days after the date on which the complete application is filed and the fees are paid.
Duty of Commissioner to issue license to qualified applicants
(c) The Commissioner shall issue a license to any applicant who meets the requirements of this subtitle.
Denial of application
(d)(1) If the Commissioner denies an application, the Commissioner shall:
(i) Notify the applicant of the denial;
(ii) Refund the license fee to the applicant; and
(iii) Keep the investigation fee and any charges collected under § 11-406 of this subtitle.
(2)(i) Within 20 days after the Commissioner denies an application, the Commissioner shall send a written notice to the applicant stating the reasons for the denial.
(ii) The notice shall be sent by United States mail, e-mail, or any means provided through NMLS to the address listed on the application.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 2017, c. 253, § 1, eff. July 1, 2017.
MD Code, Financial Institutions, § 11-407, MD FIN INST § 11-407
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.
End of Document