Section 12-911 – Contents of License; Authorization; Transfer; Display; Notice on Website
(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 is to 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) A license authorizes the licensee […]
Section 12-901 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Annual gross revenue” means income or revenue from all sources, before any expenses or taxes, computed according to generally accepted accounting principles for the preceding fiscal year. (c) “Branch location” means any location other than the principal executive office of a licensee or license applicant at […]
Section 12-902 – Applicability
This subtitle does not apply to: (1) The following persons when engaged in the regular course of their respective businesses and professions: (i) An attorney at law; (ii) An escrow agent; (iii) A certified public accountant; (iv) A banking institution, other-state bank, national banking association, credit union, or savings and loan association; (v) A person that: 1. Provides bill payer services, as […]
Section 12-904 – Fees
(a) An applicant shall submit separate applications for the applicant’s principal executive office and each branch location. (b) With the license application for the principal executive office of an applicant, the applicant shall pay to the Commissioner: (1) A nonrefundable investigation fee of $1,000 for an initial license; and (2) A license fee for an initial license or a […]
Section 12-905 – 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, except as provided in subsection (b) of this section, any other fee, examination assessment, or revenue received by the Commissioner under this subtitle shall be: (1) Credited to the Nondepository Special Fund established under § 11–610 of this article; and (2) Used in accordance with […]
Section 12-906 – Debt Management Services Without License Prohibited; Requirements
(a) Whether or not the person maintains an office in this State, a person may not provide debt management services to consumers unless the person: (1) Is licensed by the Commissioner under this subtitle; or (2) Is exempt from licensing under this subtitle. (b) A separate license is required for the principal executive office of the license applicant or […]
Section 12-907 – License Requirements
(a) To qualify for a license, an applicant shall satisfy the Commissioner that: (1) The applicant and each of the owners, officers, directors, and principals of the applicant has sufficient experience, character, financial responsibility, and general fitness to: (i) Engage in the business of providing debt management services; (ii) Warrant the belief that the debt management services business will […]
Section 12-908 – Application
(a) To apply for a license, an applicant shall: (1) 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 (2) Provide all the information that the Commissioner requests. (b) The application shall include: (1) The applicant’s name, principal executive office address, and website […]
Section 12-909 – Fingerprints and Criminal History Records Check
(a) In connection with an initial application, a renewal application, and at any other time the Commissioner requests, an applicant or licensee shall provide fingerprints to NMLS for use by the Federal Bureau of Investigation to conduct criminal history records checks. (b) An applicant or licensee required to provide fingerprints under this section shall pay any processing […]
Section 12-910 – Investigation; Time Period; Issuance; Denial
(a) After an applicant for a license files a complete application, files a surety bond, and pays the license and investigation fees required under 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 notifies an applicant that a different […]