Unannotated Code of Maryland (Last Updated: May 16, 2014) |
FINANCIAL INSTITUTIONS |
TITLE 11. CONSUMER CREDIT |
SUBTITLE 2. CONSUMER LOANS -- LICENSING PROVISIONS |
§ 11-209. Term and renewal of licenses
Latest version.
-
(a) Term. -- A license issued before September 30, 1997 expires on the June 30 after its effective date, unless it is renewed on or before June 1 of the year of expiration for an additional term as provided in this section.
(b) Expiration. -- A license issued on or after October 1, 1997 expires on December 31 in each odd-numbered year after December 31, 1997, unless it is renewed for a 2-year term as provided in this section.
(c) Application for renewal. -- On or before December 1 of the year of expiration, a license may be renewed for an additional 2-year term, if the licensee:
(1) Otherwise is entitled to be licensed;
(2) Pays to the Commissioner a renewal fee of $ 1,700; and
(3) Submits to the Commissioner a renewal application on the form that the Commissioner requires.
(d) Waiver of requirements. -- The Commissioner may waive the requirements of § 11-205(1) and (2) of this subtitle for the renewal of a license.
(e) Expiration on staggered basis. -- The Secretary may determine that licenses issued under this subtitle shall expire on a staggered basis.