Section 12-408.1 – Privacy or Confidentiality of Information and Privilege Under Federal or State Law
(a) (1) The requirements under any federal law and Title 4, Subtitles 1 through 5 of the General Provisions Article regarding the privacy or confidentiality of information or material provided to NMLS, and any privilege arising under federal or state law, including the rules of any federal or state court with respect to that information or material, […]
Section 12-409 – Investigation of Application; Issuance or Denial of License
(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. (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 […]
Section 12-410 – Contents and Scope of Licenses; Additional Licenses
(a) (1) Each license provided for through NMLS shall include the following information: (i) The name of the licensee; (ii) The trade name of the licensee; (iii) The address at which the business is to be conducted; and (iv) The unique identifier of the licensee. (2) The unique identifier of the licensee shall constitute the license number for the license. (b) (1) A license […]
Section 12-411 – Term and Renewal of Licenses
(a) Subject to any regulations the Commissioner adopts in connection with the transition to NMLS, an initial license term shall: (1) Begin on the day the license is issued; and (2) Expire on December 31 of the year: (i) The license is issued, if the license is issued before November 1; or (ii) Succeeding the year that the license is […]
Section 12-412 – Required Bond or Permissible Investments
(a) In this section, “trust company” has the meaning stated in § 1–101 of the Estates and Trusts Article. (b) (1) With an application for a new license, an applicant shall file a surety bond with the Commissioner. (2) The bond shall run to the Commissioner, as obligee, for the benefit of: (i) The State; and (ii) Any individual who has […]
Section 12-413 – Authorized Delegate
(a) (1) Each authorized delegate that a licensee appoints under a license is the designated agent of the licensee for all purposes in connection with the licensee’s business under that license. (2) Each licensee under this subtitle is liable for the payment of all money transmissions by the licensee, in whatever form, directly or through an authorized delegate. […]
Section 12-209 – Issuance of Permit
On application for a permit, the Commissioner shall issue the permit, if the Commissioner determines that the establishment and operations of the proposed office will not violate any law of this State that applies to banks and banking.
Section 12-210 – Term and Renewal of Permit
(a) A permit expires on the third anniversary of its effective date, unless the permit is renewed for a 3–year term as provided in this section. (b) Before its permit expires, the foreign banking corporation may renew the permit for additional 3–year terms if the foreign banking corporation: (1) At least 30 days before its permit expires submits […]
Section 12-211 – Power to Set Fees
The Commissioner shall set the application and renewal fees in amounts that reasonably relate to the cost of processing the applications.
Section 12-117 – Compliance With Federal and State Laws
A licensee shall comply with all federal and State laws concerning money laundering.