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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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FINANCIAL INSTITUTIONS |
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TITLE 11. CONSUMER CREDIT |
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SUBTITLE 4. SALES FINANCE COMPANIES -- LICENSING PROVISIONS |
§ 11-407. Issuance of license or denial of application
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(a) Period within which Commissioner to act. -- The Commissioner shall approve or deny each application for a license within 60 days after the date when the application is made and the fees are paid.
(b) Issuance. -- The Commissioner shall issue a license to any applicant who meets the requirements of this subtitle.
(c) Denial. --
(1) If the Commissioner denies an application, the Commissioner shall:
(i) Notify the applicant of the denial;
(ii) Refund the license fee to the applicant; and
(iii) Keep the investigation fee and any charges collected under § 11-406 of this subtitle.
(2) Within 20 days after the Commissioner denies an application, the Commissioner shall:
(i) File in the Commissioner's office a written decision and statement of the reasons for denying the application; and
(ii) Send a copy of the decision and statement to the applicant.