Section 11-403 – License Required; Local Licenses Prohibited; Transfer of Information to Nmls
(a) Except as otherwise provided in this subtitle, a person may not engage in business as a sales finance company unless the person is licensed by the Commissioner. (b) A separate license is required for the principal executive office and each branch location where a person engages in business as a sales finance company. (c) A political subdivision […]
Section 11-404 – Applications for Licenses
(a) (1) To apply for a license, an applicant shall: (i) Complete, sign, and submit to the Commissioner a completed application made under oath in the form, and in accordance with the process, that the Commissioner requires; and (ii) Provide all the information that the Commissioner requests. (2) The application shall include: (i) The applicant’s name, the applicant’s principal executive office […]
Section 11-405 – Grounds for Denial of Application
The Commissioner may deny an application if the applicant or any current owner, director, officer, member, partner, employee, agent, or spouse of the applicant: (1) Has had a license revoked under this subtitle; (2) Was responsible for any act or omission that caused the revocation under this subtitle of the license of any person; or (3) Was convicted […]
Section 11-406 – Investigation Expenses; Other Payments Prohibited
(a) In addition to the investigation fee required by § 11-404 of this subtitle, if an applicant applies for a license for a place of business that is located outside of this State, the applicant shall pay to the Commissioner, on presentation by the Commissioner of a detailed account, the reasonable travel and living expenses incurred […]
Section 11-407 – Issuance of License or Denial of Application
(a) When an applicant for a license files the application and pays the fees required by § 11–404 of this subtitle, the Commissioner shall investigate the facts relevant to the application to determine if the applicant meets the requirements of this subtitle. (b) The Commissioner shall approve or deny each application for a license within 60 days […]
Section 11-408 – 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 address of the location at which the business will be conducted; and (iii) 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 authorizes the licensee to […]
Section 11-409 – Term; Expiration and Renewal
(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 […]
Section 11-410 – License Not Transferable; Display
(a) A license is not transferable. (b) (1) Each licensee shall conspicuously post, in 48 point or larger type, at the licensee’s licensed location the following information: (i) The licensee’s unique identifier; and (ii) A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee. (2) Each licensee shall conspicuously display […]
Section 11-411 – Change of Location
If a licensee changes the location for which a license is issued, the licensee immediately shall provide to the Commissioner, in the form and in accordance with the process that the Commissioner requires, notice of the change.
Section 11-412 – Surrender of License
(a) A licensee may surrender the license through NMLS in accordance with the process that the Commissioner requires. (b) If a license is surrendered voluntarily, or is suspended or revoked, the Commissioner may not refund any part of the license fee regardless of the time remaining in the license term. (c) The surrender of a license does not […]