HARRY HUGHES, Governor

605

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 66, § 43,
and the first sentence of § 44(a), and from Art.
66, § 45, and the last clause of the second
sentence of § 48.

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

In subsection (a) (2) (i) of this section, the
phrase "if the applicant is an individual" is
added for clarity.

In subsection (c) of this section, the last
sentence of present Art. 66, § 45, which states
that "{t}he aggregate liability of the surety on
the bond shall in no event exceed the amount of
such bond", is deleted as unnecessary.

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

As to subsection (c)(2) of this section, the
provisions appear to be somewhat unusual in that
they do not provide for protection of injured
consumers. Cf., e.g., § 11-206(c)(2)(ii) of this
article, as to the Consumer Loan Law. The
General Assembly might consider amending this
section accordingly.

12-307. INVESTIGATION OF APPLICATION; ISSUANCE OR DENIAL OF
LICENSE.

(A)   INVESTIGATION.

WHEN AN APPLICANT FOR A LICENSE FILES THE APPLICATION
AND BOND AND PAYS THE FEES REQUIRED BY § 12-306 OF THIS
SUBTITLE, THE BANK COMMISSIONER SHALL INVESTIGATE TO
DETERMINE IF THE APPLICANT MEETS THE REQUIREMENTS OF §
12-305 OF THIS SUBTITLE.

(B)   PERIOD WITHIN WHICH BANK COMMISSIONER TO ACT.

THE BANK COMMISSIONER SHALL APPROVE OR DENY EACH
APPLICATION FOR A LICENSE WITHIN 90 DAYS AFTER THE DATE WHEN
THE APPLICATION AND BOND ARE FILED AND THE FEES ARE PAID.

(C)   ISSUANCE.

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