554

LAWS OF MARYLAND

Ch. 33

(3) FILE A SEPARATE BOND.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 58A, §§ 2,
3, and 9(b).

In subsection (a)(1) of this section, a
requirement that the applicant "sign" the
application is added, and the term "verified" is
substituted for the requirement that the
application be "under oath". See § 1-202 of this
article.

The statement in present Art. 58A, § 2 that a
license is for a "period ending on the last day
of June of each year" is deleted as duplicative
of § 11-209 (a) of this subtitle.

As to the amount of the largest loan that may be
made under the Maryland Consumer Loan Law, see CL
§ 12-303.

The term "address" is defined in § 1-101 of this
article.

11-207. INVESTIGATION OF APPLICATION; ISSUANCE OF LICENSE
OR DENIAL OF APPLICATION.

(A)       INVESTIGATION.

WHEN AN APPLICANT FOR A LICENSE FILES THE APPLICATION
AND BOND AND PAYS THE FEES REQUIRED BY § 11-206 OF THIS
SUBTITLE, THE COMMISSIONER SHALL INVESTIGATE THE FACTS
RELEVANT TO THE APPLICATION TO DETERMINE IF THE APPLICANT
MEETS THE REQUIREMENTS OF THIS SUBTITLE.

(B)       PERIOD WITHIN WHICH COMMISSIONER TO ACT.

UNLESS THE COMMISSIONER AND AN APPLICANT AGREE IN
WRITING TO EXTEND THE TIME, THE COMMISSIONER SHALL APPROVE
OR DENY EACH APPLICATION FOR A LICENSE WITHIN 60 DAYS AFTER
THE DATE WHEN THE APPLICATION AND BOND ARE FILED AND THE
FEES ARE PAID.

(C)   ISSUANCE.

THE COMMISSIONER SHALL ISSUE A LICENSE TO ANY APPLICANT
WHO MEETS THE REQUIREMENTS OF THIS SUBTITLE.

(D)   DENIAL.

(1) IF AN APPLICANT DOES NOT MEET THE
REQUIREMENTS OF THIS SUBTITLE, THE COMMISSIONER SHALL:

(I)

DENY THE APPLICATION;