624

LAWS OF MARYLAND

Ch. 33

REVISOR'S NOTE: This section is new language derived
from Art. 11, § 213.

Subsection (d)(1)(iii) and (iv) of this section
is new language added to provide for the return
of the bond or securities and refund of these
fees now required to be filed with the
application, rather than after approval of it.
See § 12-406 of this subtitle.

The only other changes are in style.

The specific qualifications presently set forth
in Art. 11, § 213 now appear in § 12-405 of this
subtitle.

12-408. CONTENTS AND SCOPE OF LICENSES; ADDITIONAL
LICENSES.

(A)       CONTENTS.

THE BANK COMMISSIONER SHALL INCLUDE ON EACH LICENSE:

(1)   THE NAME OF THE LICENSEE; AND

(2)   THE ADDRESS AT WHICH THE BUSINESS IS TO BE
CONDUCTED.

(B)   SCOPE OF LICENSE.

(1)   A LICENSE AUTHORIZES THE LICENSEE TO DO
BUSINESS UNDER THE LICENSE, AT THE LICENSED PLACE OF
BUSINESS.

(2)   A LICENSE DOES NOT AUTHORIZE THE LICENSEE TO
ACCEPT DEPOSITS OR ENGAGE OTHERWISE IN A BANKING BUSINESS
EXCEPT AS AUTHORIZED IN THIS SUBTITLE.

(3)   ONLY ONE PLACE OF BUSINESS MAY BE MAINTAINED
UNDER ANY ONE LICENSE.

(C)       ADDITIONAL LICENSES.

THE BANK COMMISSIONER MAY ISSUE MORE THAN ONE LICENSE
TO AN APPLICANT WHO:

(1)       COMPLIES WITH § 12-406 OF THIS SUBTITLE; AND

(2)      OTHERWISE MEETS THE REQUIREMENTS OF THIS
SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, § 215,
§ 216(a), and the first two clauses of § 216(b).

The balance of present Art. 11, § 216(b) now
appears in § 12-406(d)(1) and (2) of this