HERBERT R. O'CONOR, GOVERNOR. 1297

and requirements for the issuance of license to make loans
in accordance with the provisions of this Article.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 4 of Article 58A of the Annotated Code of
Maryland (1939 Edition), title "Loans—Petty", be and it is
hereby repealed and re-enacted, with amendments, to read as
follows:

4. (a) Upon the filing of such application and the approval
of said bond and the payment of said fee, the Administrator
of Loan Laws shall investigate the facts concerning the ap-
plication and the requirements provided for in Sub-section
(b) of this section. The Administrator of Loan Laws shall
grant or deny each application for a license within sixty days
from the filing thereof with the required information and fees
unless the period is extended by written agreement between the
applicant and Administrator of Loan Laws.

(b) If the Administrator of Loan Laws shall find (1) that
the financial responsibility, experience, character, and general
fitness of the applicant are such as to command the confidence
of the public and to warrant belief that the business will be
operated lawfully, honestly, fairly, and efficiently, within the
purposes of this Article, and (2) that allowing such applicant
to engage in business will promote the convenience and ad-
vantage of the community in which the licensed office is to be
located, and (3) that the applicant has available for the opera-
tion of such business at the specified location liquid assets of
at least Twenty Thousand Dollars (f20, 000. 00), he shall there-
upon enter an order granting such application, and file his
findings in his office, and forthwith issue and deliver a license
to the applicant to make loans in accordance with the pro-
visions of this Article for a period which shall expire the first
day of May -next following the date of its issuance. Such
license shall not be assignable.

(e) If the Administrator of Loan Laws shall not so find, he
shall enter an order denying such application and forthwith
notify the applicant of the denial, returning the license fee.
Within ten days after the entry of such an order, he shall file
in his office his findings and a summary of the evidence sup-
porting them and shall forthwith deliver a copy thereof to the
applicant.

(d) The provisions of Sub-section (b) of this section shall
not apply to any license which was in full force and effect on
January 1, 1943, and no such license shall be revoked nor shall
the Administrator of Loan Laws refuse to re-issue any such
license upon the sole ground that the licensee has failed to