2432                                    LAWS OF MARYLAND                                 Ch. 616

of action against the applicant under the Maryland Secondary
Mortgage Loan Law.

(3) The surety bond shall be:

(i) In the amount of $10,000;

(ii) Issued by a surety company authorized
to do business in this State;

(iii) Conditioned that the applicant will
comply with the Maryland Secondary Mortgage Loan Law; and

(iv) Approved by the [Bank] Commissioner
OF CONSUMER CREDIT.

(d) For each license for which an applicant applies,
the applicant shall:

(1)  Submit a separate application;

(2)  Pay a separate license fee; and

(3)  File a separate surety bond.
12-307.

(a)  When an applicant for a license files the
application and bond and pays the fees required by § 12-306
of this subtitle, the [Bank] Commissioner OF CONSUMER CREDIT
shall investigate to determine if the applicant meets the
requirements of § 12-305 of this subtitle.

(b)  The [Bank] Commissioner OF CONSUMER CREDIT shall
approve or deny each application for a license within 90
days after the date when the application and bond are filed
and the fees are paid.

(c)  The [Bank] Commissioner OF CONSUMER CREDIT shall
issue a license to any applicant who meets the requirements
of this subtitle.

(d) (1) If an applicant does not meet the requirements
of this subtitle, the [Bank] Commissioner OF CONSUMER CREDIT
shall:

(i) Notify the applicant immediately of
this fact;

(ii) Subject to the hearing provisions of
§ 12-317 of this subtitle, deny the application;

(iii) Return the bond filed under § 12-306
of this subtitle;

(iv) Refund the license fee; and