1488                           LAWS OF MARYLAND                       CH. 732

of the applicant and, in the case of a broker-dealer, any partner,
officer, or director, any person occupying a similar status or perform-
ing similar functions, or any person directly or indirectly controlling
the broker-dealer; (4) any injunction or administrative order or
conviction of a misdemeanor involving a security or any other aspect
of the securities business and any conviction of a felony; and (5) the
applicant's financial condition and history. The Commissioner at his
discretion may publish an announcement of the applicants for regis-
tration in such newspapers as he determines. If no denial order is in
effect and no proceedings is pending under Section 18, registration
becomes effective at noon of the thirtieth day after an application is
filed. The Commissioner may by rule or order specify an earlier
effective date, and he may by order defer the effective date until
noon of the thirtieth day after the filing of any amendment.

(2) A broker-dealer may obtain a renewal registration by filing
with the Commissioner an application containing whatever infor-
mation the Commissioner by rule requires to keep current the infor-
mation contained in the application for initial registration. A broker-
dealer or issuer may obtain a renewal registration for the agents
associated with it by filing with the Commissioner an application
containing the names of the agents associated with it and a certifica-
tion that, to the best knowledge, information and belief of such
broker-dealer or issuer, there has been no change in the information
contained in such agents' applications for the registration then cur-
rently in effect, or if there has been any such change, specifying the
same. Every application for renewal registration shall become effec-
tive on the date it is received by the Commissioner or upon the
expiration of the previous registration, whichever date is later.

16.

(b) Every applicant for initial or renewal registration as a
broker-dealer shall pay a filing fee of $75.00. Every applicant for
initial or renewal registration as an agent shall pay a filing fee of
$15.00 except that a partner, officer or director of a broker-dealer
applying for initial or renewal registration as an agent of such
broker-dealer shall pay a filing fee of $2.00. When application is
denied or withdrawn, the Commissioner shall retain one-half of the
fee. The maximum initial or renewal registration filing fees payable
with the application of any broker-dealer and its agents shall be
$500.00, regardless of the number of agents affiliated with such
broker-dealer. In addition, each agent application received at a time
other than the initial or renewal registration filed by a broker-
dealer will require a prescribed filing fee of $15.00.

18.

(a) The Commissioner may by order deny, suspend, or revoke
any registration if he finds (1) that the order is in the public interest
[and] or (2) that the applicant or registrant or, in the case of a
broker-dealer, any partner, officer, or director, any person occupy-
ing a similar status or performing similar functions, or any person
directly or indirectly controlling the broker-dealer

(A) Has filed an application for registration which as of its
effective date, or as of any date after filing in the case of an order
denying effectiveness, was incomplete in any material respect or