HARRY HUGHES, Governor

641

REVISOR'S NOTE: This section is new language derived
without substantive change from the last clause
of the first sentence of Art. 11, § 61A(b).

12-505. SCOPE OF LICENSE; ADDITIONAL LICENSES.

(A)   SCOPE OF LICENSE.

(1)   A LICENSE AUTHORIZES THE LICENSEE TO ACT AS
A MORTGAGE BANKER OR MORTGAGE BROKER UNDER THE LICENSE, AT
THE LICENSED PLACE OF BUSINESS.

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

(B)       ADDITIONAL LICENSES.

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

(1)       COMPLIES WITH § 12-504 OF THIS SUBTITLE; AND

(2)      OTHERWISE MEETS THE REQUIREMENTS OF THIS
SUBTITLE.

REVISOR'S NOTE: This section is new language derived
from the reference to registration of and to
payment of the fee for "each place of business"
in the first sentence of Art. 11, § 61A(b).

It is revised to conform to similar provisions
elsewhere in this article. See also revisor's
note to §§ 12-501 and 12-503 of this subtitle.

12-506. TERM AND RENEWAL OF LICENSE.

(A)       TERM.

A LICENSE EXPIRES ON THE FIRST ANNIVERSARY OF ITS
EFFECTIVE DATE, UNLESS THE LICENSE IS RENEWED FOR A 1-YEAR
TERM AS PROVIDED IN THIS SECTION.

(B)       RENEWAL.

BEFORE A LICENSE EXPIRES, THE LICENSEE PERIODICALLY MAY
RENEW THE LICENSE FOR ADDITIONAL 1-YEAR TERMS, IF THE
LICENSEE:

(1)       OTHERWISE IS ENTITLED TO BE LICENSED;

(2)       PAYS TO THE BANK COMMISSIONER A RENEWAL FEE
OF $100; AND

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

REVISOR'S NOTE: This section is new language derived