§ 11-206. Applications for licenses

   (a) In general. --

   (1) To apply for a license, an applicant shall sign and submit to the Commissioner a verified application on the form that the Commissioner requires.

   (2) The application shall include:

      (i) The applicant's name and address and, if the applicant is not an individual, the names and addresses of each of its principal owners and each of its officers, directors, or members;

      (ii) The address at which the business is to be conducted; and

      (iii) Any other pertinent information that the Commissioner requires for an investigation and findings under § 11-207 of this subtitle.

(b) Fees. -- With the application, the applicant shall pay to the Commissioner:

   (1) An investigation fee of $ 100; and

   (2) A license fee of:

      (i) $ 1,700 if the applicant applies for a license to be issued on or after January 1 and on or before December 31 of an even-numbered year;

      (ii) Effective January 1, 1999, $ 850 if the applicant applies for a license to be issued on or after January 1 and on or before December 31 of an odd-numbered year; or

      (iii) $ 1,700 if the applicant applies for a license to be issued on or after October 1, 1997 and on or before December 31, 1997.

(c) Bond. --

   (1) With the application, the applicant shall file with the Commissioner a surety bond.

   (2) The surety bond filed under this subsection shall run to this State for the benefit of this State and of any person who has a cause of action against the applicant under the Maryland Consumer Loan Law.

   (3) The surety bond shall be:

      (i) In an amount equal to twice the amount of the largest loan that may be made under the Maryland Consumer Loan Law;

      (ii) With sureties that the Commissioner approves; and

      (iii) Conditioned that the applicant will comply with the Maryland Consumer Loan Law and will pay to this State or to any person any money that the applicant may owe to this State or to that person under the Maryland Consumer Loan Law.

(d) Separate applications required. -- For each license for which an applicant applies, the applicant shall:

   (1) Submit a separate application;

   (2) Pay a separate investigation fee and license fee; and

   (3) File a separate bond.

HISTORY: An. Code 1957, art. 58A, § 2, 3, 9; 1980, ch. 33, § 2; 1997, ch. 22.