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§ 11-205. License qualifications

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 2. Consumer Loans--Licensing Provisions (Refs & Annos)
MD Code, Financial Institutions, § 11-205
§ 11-205. License qualifications
To qualify for a license, an applicant shall satisfy the Commissioner that:
(1) The applicant has at least $20,000 in liquid assets available to be used in the business to be covered by the license;
(2) The business will promote the convenience and advantage of the community in which the place of business will be located; and
(3) The applicant or, if the applicant is not an individual, the owners, officers, directors, or members have sufficient experience, character, financial responsibility, and general fitness to:
(i) Command the confidence of the public; and
(ii) Warrant the belief that the business will be operated lawfully, honestly, fairly, and efficiently.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 58A, § 4.
MD Code, Financial Institutions, § 11-205, MD FIN INST § 11-205
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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