HARRY

HUGHES,

Governor

573

A POLITICAL SUBDIVISION MAY NOT REQUIRE A LICENSEE TO
HAVE A LOCAL LICENSE OR PAY A LOCAL FEE FOR PERMISSION TO
ENGAGE IN BUSINESS AS A SALES FINANCE COMPANY.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 83, §§ 154
and 157(d) and (e).

As to the present exception for "banking
institutions", see § 11—402 of this subtitle.

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

11-404. APPLICATIONS FOR LICENSES.

(A)   IN GENERAL.

(1)   TO APPLY FOR A LICENSE, AN APPLICANT SHALL
SIGN AND SUBMIT TO THE COMMISSIONER A VERIFIED APPLICATION
ON THE FORM THAT THE COMMISSIONER REQUIRES.

(2)   THE APPLICATION SHALL INCLUDE:

(I)   THE NAME OF THE APPLICANT;

(II)   THE ADDRESS AT WHICH THE BUSINESS IS
TO BE CONDUCTED, INCLUDING, IF APPLICABLE, THE OFFICE
BUILDING AND ROOM NUMBER;

(III)   THE ADDRESS OF EACH BRANCH,
SUBSIDIARY, OR AFFILIATE THAT THE APPLICANT OPERATES IN THIS
STATE;

(IV)   IF THE APPLICANT IS A CORPORATION,
THE DATE OF ITS INCORPORATION;

(V)   THE NAME AND RESIDENCE ADDRESS OF EACH
OWNER OF OR PARTNER IN THE APPLICANT OR, IF THE APPLICANT IS
A CORPORATION OR ASSOCIATION, THE NAME AND RESIDENCE ADDRESS
OF EACH OF ITS DIRECTORS OR TRUSTEES, ITS PRINCIPAL
OFFICERS, AND EACH PERSON WHO OWNS AN INTEREST OF 20 PERCENT
OR MORE IN THE APPLICANT; AND

(VI)   ANY OTHER PERTINENT INFORMATION THAT
THE COMMISSIONER REQUIRES.

(B)   FEES.

WITH THE APPLICATION, THE APPLICANT SHALL PAY TO THE
COMMISSIONER:

(1)   AN INVESTIGATION FEE OF $100; AND

(2)   A LICENSE FEE OF $125.