606

LAWS OF MARYLAND

Ch. 33

(D) DENIAL.

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

(I) NOTIFY THE APPLICANT IMMEDIATELY OF

THIS FACT;

(II) SUBJECT TO THE HEARING PROVISIONS OF
§ 12-317 OF THIS SUBTITLE, DENY THE APPLICATION;

OF THIS SUBTITLE;

(III)       RETURN THE BOND FILED UNDER § 12-306

(IV)       REFUND THE LICENSE FEE; AND

(V)       KEEP THE INVESTIGATION FEE.

(2) WITHIN 20 DAYS AFTER THE BANK COMMISSIONER
DENIES AN APPLICATION, THE BANK COMMISSIONER SHALL:

(I)       FILE IN THE BANK COMMISSIONER'S OFFICE
A WRITTEN DECISION CONTAINING THE FINDINGS AND CONCLUSIONS;
AND

(II)      SEND A COPY OF THE DECISION TO THE
APPLICANT.

REVISOR'S NOTE: This section is new language derived
without substantive change from the last clause
of the second sentence of Art. 66, § 44(a) and
from Art. 66, §§ 44(b), 46, and 47.

Although present Art. 66, § 44(b) requires only
that the Bank Commissioner investigate certain
qualifications of an applicant — those revised
as § 12-305(a)(2) of this subtitle — subsection
(a) of this section is revised to require the
Bank Commissioner to investigate all of an
applicant's qualifications under § 12-305 of this
subtitle. This change is made in accordance with
actual practice.

Subsection (d)(1) (iii) and (iv) of this section
is new language added to provide for the bond and
license fee filed with the application to be
returned if the application is denied.

Also as to subsection (d) of this section,
present Art. 66, § 47 provides that, if the Bank
Commissioner denies an application, the Bank
Commissioner shall notify the applicant of the
denial and of the applicant's right to a hearing;
however, only if the applicant actually requests
a hearing is the Bank Commissioner required to
notify the applicant of the reasons for the
denial. This procedure makes little sense and,