Section 11-203.1 – Licensing Requirements and Process
(a) Unless a person is licensed by the Commissioner, the person may not: (1) Make a loan; or (2) In any way use any advantage provided by the Maryland Consumer Loan Law. (b) A separate license is required for the principal executive office of the license applicant or licensee and each branch location. (c) During the time period established by […]
Section 11-203.2 – Confidentiality of Information
(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 11-203.3 – Credit of Revenue From Licensing and Payment of Fines and Penalties Into Various Funds
(a) All revenue received for the licensing of persons under this subtitle and Subtitle 3 of this title and any other fee or revenue received by the Commissioner under this subtitle shall be: (1) Credited to the Nondepository Special Fund established under § 11–610 of this title; and (2) Used in accordance with § 11–610(c) of this title. […]
Section 11-204 – Permitted and Prohibited Loan Activities
(a) A person may not: (1) Receive any application for a loan or allow any note or contract for a loan to be signed at any place of business for which the person does not have a license; (2) Conduct any business under the Maryland Consumer Loan Law under a name different from the name that appears on […]
Section 11-205 – Qualifications of Applicant for License
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 […]
Section 11-206 – Applications for Licenses
(a) (1) To apply for a license, an applicant shall: (i) Complete, sign, and submit to the Commissioner an 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 address, […]
Section 11-207 – Investigation of Application; Issuance of License or Denial of Application
(a) When an applicant for a license files the application and bond and pays the fees required by § 11–206 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) Unless the Commissioner and an applicant agree in writing to extend the […]