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§ 12-910. Approval or denial of application

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, § 12-910
§ 12-910. Approval or denial of application
Investigation by Commissioner
(a) After an applicant for a license files a complete application, files a surety bond, and pays the license and investigation fees required under 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) Unless the Commissioner notifies an applicant that a different time period is necessary, the Commissioner shall approve or deny each application for a license within 60 days after the date on which the complete application is filed, the surety bond 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 that meets the requirements of this subtitle.
Denial of application
(d)(1) If an applicant does not meet the requirements of this subtitle, the Commissioner:
(i) Subject to the hearing provisions of § 12-927 of this subtitle, shall deny the application;
(ii) Shall notify the applicant immediately of the denial;
(iii) Shall refund the license fee; and
(iv) Shall keep the investigation fee.
(2)(i) Within 30 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 in the application.


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, § 12-910, MD FIN INST § 12-910
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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