HARRY HUGHES, Governor

597

RENEWAL APPLICATION ON THE FORM THAT THE BANK COMMISSIONER
REQUIRES; AND

(II) PAYS TO THE BANK COMMISSIONER THE
RENEWAL FEE SET BY THE BANK COMMISSIONER; AND

(2) MEETS THE REQUIREMENTS FOR ISSUANCE OF A
PERMIT UNDER § 12-209 OF THIS SUBTITLE.

(C) ISSUANCE OF RENEWAL.

THE BANK COMMISSIONER SHALL RENEW THE PERMIT OF EACH
FOREIGN BANK BANKING CORPORATION THAT MEETS THE REQUIREMENTS
OF THIS SECTION.

REVISOR'S NOTE: Subsections (a) and (b) of this section
are new language derived without substantive
change from the last two sentences of Art. 11, §
32(c) and the reference to a renewal application
fee in the first sentence of § 32(d).

Subsection (c) of this section is new language
added to express the presently implied duty of
the Bank Commissioner to renew the permit of a
qualified applicant. This provision conforms to
the express requirement to issue a permit to a
qualified applicant in § 12-209 of this subtitle.

In subsection (b)(1)(i) of this section, the

requirement as to the form of the renewal

application is new language added to conform to

the requirement as to the form of an initial
application.

12-211. POWER TO SET FEES.

THE BANK COMMISSIONER SHALL SET THE APPLICATION AND
RENEWAL FEES IN AMOUNTS THAT REASONABLY RELATE TO THE COST
OF PROCESSING THE APPLICATIONS.

REVISOR'S NOTE: This section is new language derived
without substantive change from the second
sentence of Art. 11, § 32(d).

This section is revised to avoid the inference of
the present provision "to reimburse the
Commissioner's office" that the Bank Commissioner
retains these fees. Under § 2—110 of this
article, money collected by the Bank Commissioner
is general funds of this State.

SUBTITLE 3. SECONDARY MORTGAGE LOANS — LICENSING
PROVISIONS.

12-301. DEFINITIONS.

(A) IN GENERAL.