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§ 11-209. Expiration or renewal 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, § 11-209
§ 11-209. Expiration or 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 in which the license is issued, if the license is issued on or after November 1.
Renewal application and fee
(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 a renewal fee of $850; and
(3) Submits to the Commissioner a renewal application in the form, and in accordance with the process, that the Commissioner requires.
Waiver of requirements
(c) The Commissioner may waive the requirements of § 11-205(1) and (2) of this subtitle for the renewal of a license.
Expiration of licenses on staggered basis
(d) 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
(e) 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 § 11-203.1(c) of this subtitle.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1997, c. 22, § 1, eff. Oct. 1, 1997; Acts 2017, c. 253, § 1, eff. July 1, 2017.
MD Code, Financial Institutions, § 11-209, MD FIN INST § 11-209
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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