HARRY HUGHES, Governor

625

subtitle.
12-409. TERM AND RENEWAL OF LICENSES.

(A)       TERM.

A LICENSE EXPIRES ON THE DECEMBER 31 AFTER ITS
EFFECTIVE DATE, UNLESS IT IS RENEWED FOR A 1-YEAR TERM AS
PROVIDED IN THIS SECTION.

REVISOR'S NOTE: This subsection is new language added
for clarity.

It is based on practice and on references such as
that in present Art. 11, § 212(3) to an annual
license fee "for a period terminating on the last
day of the current calendar year" and that in
present Art. 11, § 212(4) to "the issuance of a
renewal license for any calendar year". See also
revisor's note to subsection (b) of this section.

(B)        APPLICATIONS FOR RENEWAL.

ON OR BEFORE DECEMBER 10, A LICENSEE MAY RENEW A
LICENSE FOR AN ADDITIONAL YEAR, IF THE LICENSEE:

(1)       OTHERWISE IS ENTITLED TO BE LICENSED;

(2)       FILES ANY BOND RENEWAL CERTIFICATE OR NEW
BOND OR DEPOSITS ANY NEW SECURITIES REQUIRED BY § 12-410 OF
THIS SUBTITLE;

OF $200;

(3) PAYS TO THE BANK COMMISSIONER A LICENSE FEE

(4)       SUBMITS THE REPORT AND PAYS THE AGENT FEE
REQUIRED BY § 12-411 OF THIS SUBTITLE; AND

(5)       SUBMITS TO THE BANK COMMISSIONER A RENEWAL
APPLICATION ON THE FORM THAT THE BANK COMMISSIONER REQUIRES.

REVISOR'S NOTE; This subsection is new language derived
from the provisions of Art. 11, § 217 that refer
to the annual bond or bond renewal certificate to
be filed or securities to be deposited by
December 10 of each year and to the required
payment, presumably at the same time, of "the
annual charge for the principal {sic} license".

Although present Art. 11, § 217 does not refer to
the formal submission of a renewal application,
its reporting requirements — now contained in §
12—411 of this subtitle — apparently were
intended to serve essentially the same function.
For clarity, this subsection is revised to
reflect more clearly that intention and the
actual practice of the Bank Commissioner.