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§ 11-207. Issuance or denial of license

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

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 2. Consumer Loans--Licensing Provisions (Refs & Annos)
Effective: July 1, 2017
MD Code, Financial Institutions, § 11-207
§ 11-207. Issuance or denial of license
Currentness
Investigation by Commissioner
(a) When an applicant for a license files the application and bond and pays the fees required by § 11-206 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 approval or denial of license
(b) Unless the Commissioner and an applicant agree in writing to extend the time, 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 fees are paid, and the surety bond is filed.
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 license
(d)(1) If an applicant does not meet the requirements of this subtitle, the Commissioner shall:
(i) Deny the application;
(ii) Notify the applicant immediately of this fact;
(iii) Return the bond filed under § 11-206 of this subtitle;
(iv) Refund the license fee; and
(v) Keep the investigation fee.
(2)(i) Within 10 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.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 2017, c. 253, § 1, eff. July 1, 2017.
Formerly Art. 58A, § 4.
MD Code, Financial Institutions, § 11-207, MD FIN INST § 11-207
Current through legislation effective through June 1, 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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