HARRY HUGHES, Governor

623

required by § 12-410 of this subtitle are to be
applied on the issuance of more than one license.

Subsection (d) (3) of this section is new language
added to conform to practice.

12-407. INVESTIGATION OF APPLICATION; ISSUANCE OR DENIAL OF
LICENSE.

(A)   INVESTIGATION.

WHEN AN APPLICANT FOR A LICENSE FILES THE APPLICATION,
FILES A BOND OR DEPOSITS SECURITIES, AND PAYS THE FEES
REQUIRED BY § 12-406 OF THIS SUBTITLE, THE BANK COMMISSIONER
SHALL INVESTIGATE TO DETERMINE IF THE APPLICANT MEETS THE
REQUIREMENTS OF THIS SUBTITLE FOR A LICENSE.

(B)   PERIOD WITHIN WHICH BANK COMMISSIONER TO ACT.

THE BANK COMMISSIONER SHALL APPROVE OR DENY EACH
APPLICATION FOR A LICENSE WITHIN 60 DAYS AFTER THE DATE WHEN
THE APPLICATION IS FILED, THE BOND IS FILED OR SECURITIES
ARE DEPOSITED, AND THE FEES ARE PAID.

(C)   ISSUANCE.

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

(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
§ 12-421 OF THIS SUBTITLE, DENY THE APPLICATION;

(III)       RETURN THE BOND OR SECURITIES FILED
UNDER § 12-406 OF THIS SUBTITLE;

(IV)   REFUND THE LICENSE AND AGENT FEES;
AND

(V)   KEEP THE INVESTIGATION FEE.

(2)   WITHIN 30 DAYS AFTER THE BANK COMMISSIONER
DENIES AN APPLICATION, THE BANK COMMISSIONER SHALL:

(I)   FILE IN THE BANK COMMISSIONER'S OFFICE
A WRITTEN ORDER OF THE DENIAL; AND

(II)   MAIL A COPY OF THE ORDER TO THE
APPLICANT AT THE ADDRESS GIVEN ON THE APPLICATION.