HARRY HUGHES, Governor

575

"agreements" is substituted for "installment
sales contracts", which apparently is intended to
mean "installment sale agreements". Under §
11—401 of this subtitle, "agreement" is the
broader term, encompassing renewals, extensions,
and refund agreements; the apparent intent of the
present law is to include these. As to "other"
laws that regulate agreements, see Title 12,
Subtitle 6 of the Commercial Law Article.

The General Assembly might note that, under this
section, a minor or an adjudicated incompetent
apparently could obtain a license to engage in
business as a sales finance company.

11-406. INVESTIGATION EXPENSES; OTHER PAYMENTS PROHIBITED.

(A)   APPLICANT TO PAY CERTAIN EXPENSES.

IN ADDITION TO THE INVESTIGATION FEE REQUIRED BY §
11-404 OF THIS SUBTITLE, IF AN APPLICANT APPLIES FOR A
LICENSE FOR A PLACE OF BUSINESS THAT IS LOCATED OUTSIDE OF
THIS STATE, THE APPLICANT SHALL PAY TO THE COMMISSIONER, ON
PRESENTATION BY THE COMMISSIONER OF A DETAILED ACCOUNT, THE
REASONABLE TRAVEL AND LIVING EXPENSES INCURRED ON ACCOUNT OF
THE INVESTIGATION.

(B)       OTHER PAYMENTS PROHIBITED.

EXCEPT FOR THE PAYMENTS REQUIRED BY THIS SECTION,      THE

APPLICANT MAY NOT OFFER OR PAY AND THE EXAMINER MAY   NOT

SOLICIT OR ACCEPT ANY PAYMENT WITH REGARD TO THE
INVESTIGATION.

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

In subsection (b) of this section, the words
"offer" and "solicit" are added to clarify that a
payment need not actually be tendered or accepted
for this subsection to be violated.

11-407. ISSUANCE OF LICENSE OR DENIAL OF APPLICATION;
CONTENTS OF LICENSE.

(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.