Section 11-302 – Scope of Subtitle
(a) This subtitle does not apply to any loan or extension of credit: (1) Between relatives; (2) Between an employer and an employee; (3) Between a landlord and a tenant; or (4) Between a primary or secondary or nonprofit degree–granting postsecondary academic educational institution and a student or parents or guardian of that student, for tuition or other expenses of […]
Section 11-209 – Term and Renewal of Licenses
(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 11-303 – Application of Maryland Consumer Loan Law — Licensing Provisions
Unless the person is licensed by the Commissioner, a person may not: (1) Engage in the business of making installment loans; (2) Make more than 5 installment loans a year; or (3) Engage in the business of a credit services business as defined under Title 14, Subtitle 19 of the Commercial Law Article.
Section 11-209.1 – Surrender of License
(a) A licensee may surrender a 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 […]
Section 11-304 – Application of Maryland Consumer Loan Law — Licensing Provisions
A license under this subtitle shall be applied for and issued in accordance with, and is subject to, the licensing and investigatory provisions of Subtitle 2 of this title, the Maryland Consumer Loan Law – Licensing Provisions.
Section 11-210 – 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 11-211 – Change of Location
A licensee may not change the location for which a license is issued unless the licensee: (1) Provides to the Commissioner, in the form and in accordance with the process that the Commissioner requires, notice of the proposed change; and (2) Receives the written consent of the Commissioner by United States mail, e–mail, or any means provided […]
Section 11-101 – Examination Expenses
(a) (1) In this section the following words have the meanings indicated. (2) “Examination” means an examination or investigation performed by the Commissioner, or the Commissioner’s designee, which is required or authorized under this article or Title 12 of the Commercial Law Article. (3) “Licensee” means a person licensed by the Commissioner under this title. (4) “Person” includes an individual, […]
Section 11-202 – Scope of Subtitle
(a) The Maryland Consumer Loan Law does not change any powers conferred by law on any person who is not required or permitted to be licensed under this subtitle. (b) The Commissioner may not license any bank, trust company, savings bank, credit union, or savings and loan association.
Section 11-203 – Rules and Regulations
The Commissioner may adopt rules and regulations to carry out the provisions of this subtitle.