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 11-213 – Licensee to Keep Books and Records
Each licensee shall keep: (1) The books and records that the Commissioner considers necessary to determine compliance with the Maryland Consumer Loan Law; and (2) For at least 2 years after the licensee makes the final entry on any loan in the licensee’s business, the records of that entry, including cards used in a card system.
Section 11-214 – Investigatory Powers of Commissioner
(a) To discover any violations of the Maryland Consumer Loan Law, the Commissioner, at any time and as often as the Commissioner considers appropriate, may investigate the loans made by and the business of: (1) Any licensee; or (2) Any other person who makes a loan or on whose behalf a loan is made, whether or not that […]
Section 11-215 – Cease and Desist Orders
(a) Subject to the hearing provisions of § 11-217 of this subtitle, the Commissioner may order a licensee or any other person to cease and desist from a course of conduct if the course of conduct results in an evasion or violation of the Maryland Consumer Loan Law or of any rule or regulation adopted under […]
Section 11-216 – Suspensions and Revocations
(a) Subject to the hearing provisions of § 11-217 of this subtitle, the Commissioner may suspend or revoke the license of any licensee who: (1) Violates any provision of the Maryland Consumer Loan Law; or (2) Knowingly and repeatedly violates any provision of the Maryland Consumer Debt Collection Act. (b) (1) The Commissioner shall revoke the license of any licensee […]