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§ 12-409. Approval or denial of application

West's Annotated Code of MarylandFinancial InstitutionsEffective: June 1, 2012

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 4. Maryland Money Transmission Act
Effective: June 1, 2012
MD Code, Financial Institutions, § 12-409
§ 12-409. Approval or denial of application
Currentness
Investigation by Commissioner
(a) After the filing of a complete application, the Commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant.
Deadline for decision
(b)(1) Unless the Commissioner notifies the 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 a complete application is filed.
(2) The applicant may by written request to the Commissioner withdraw the application at any time before the issuance of the license.
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 an applicant does not meet the requirements of this subtitle, the Commissioner shall:
(i) Notify the applicant immediately of this fact;
(ii) Subject to the hearing provisions of § 12-428 of this subtitle, deny the application;
(iii) Return the surety device filed under § 12-407 of this subtitle; and
(iv) Keep the license fee and the investigation fee.
(2) Within 30 days after the Commissioner denies an application, the Commissioner shall state the reasons for the denial in writing and mail them to the address listed in the application.

Credits

Added as Financial Institutions § 12-407 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 541, § 1, eff. July 1, 1980; Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 12-409 by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002; Acts 2012, c. 78, § 1, eff. June 1, 2012.
Formerly Art. 11, § 213.
MD Code, Financial Institutions, § 12-409, MD FIN INST § 12-409
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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