§ 11-204. License required

   (a) In general. -- 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) Separate places of business. --

   (1) A separate license is required for each place of business where a person makes a loan or transacts any business under the Maryland Consumer Loan Law.

   (2) A person may not:

      (i) 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;

      (ii) Conduct any business under the Maryland Consumer Loan Law under a name different from the name that appears on the person's license; or

      (iii) Evade the application of this section by any device, subterfuge, or pretense of any kind.

   (3) This subsection does not prohibit a licensee from accommodating a borrower, at the borrower's request, by making a loan by mail because of the borrower's sickness or hours of employment or for similar reasons.

   (4) Notwithstanding paragraphs (2) and (3) of this subsection, for a loan that is to be secured by residential real property:

      (i) A licensee may solicit and accept an application for a loan:

         1. By mail;

         2. By telephone or other electronic means; or

         3. At any location requested by the prospective borrower;

      (ii) Except as provided in subparagraph (iii) of this paragraph, the loan closing shall be conducted at:

         1. The lender's licensed location;

         2. The office of an attorney representing the licensee, the borrower, the title company, or title insurer in connection with the loan; or

         3. The office of the title insurer or title agency performing closing services in connection with the loan; and

      (iii) A licensee may conduct the loan closing at another location at the written request of the borrower or the borrower's designee to accommodate the borrower because of the borrower's sickness.

HISTORY: An. Code 1957, art. 58A, § 1, 9; 1980, ch. 33, § 2; 1998, chs. 760, 761.