Ch. 476

LAWS OF MARYLAND

(1)  WHERE THE TOTAL DOLLAR AMOUNT OF STATED LOANS WAS
$1,000,000 OR LESS, THE BOND SHALL BE IN THE AMOUNT OF $12,500;

(2)  WHERE THE TOTAL DOLLAR AMOUNT OF STATED LOANS WAS
MORE THAN $1,000,000 BUT NOT MORE THAN $2,000,000, THE BOND SHALL
BE IN THE AMOUNT OF $17,500;

(3)  WHERE THE TOTAL DOLLAR AMOUNT OF STATED LOANS WAS
MORE THAN $2,000,000 BUT NOT MORE THAN $3,000,000, THE BOND SHALL
BE IN THE AMOUNT OF $25,000; AND

(4)  WHERE THE TOTAL DOLLAR AMOUNT OF STATED LOANS WAS
MORE THAN $3,000,000, THE BOND SHALL BE IN THE AMOUNT OF $50,000.

(C) (E) SUBJECT TO APPROVAL BY THE COMMISSIONER, IF AN
APPLICANT FILES 4 OR MORE ORIGINAL OR RENEWAL APPLICATIONS AT THE
SAME TIME, THE APPLICANT MAY PROVIDE A BLANKET SURETY BOND FOR
ALL LICENSED OFFICES IN THE AMOUNT OF $200,000.

(D) (F) SUBJECT TO APPROVAL BY THE COMMISSIONER, AN
APPLICANT FOR LICENSE WHO FILES AN APPLICATION FOR A NEW LICENSE
OR FOR THE RENEWAL OF A LICENSE MAY SATISFY THE BONDING
REQUIREMENT UNDER THIS SECTION BY ESTABLISHING A TRUST ACCOUNT
WITH OR OBTAINING AN IRREVOCABLE LETTER OF CREDIT FROM A MARYLAND
BANK FINANCIAL INSTITUTION INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION THAT COMPLIES WITH SUBSECTION (B) (1), (2),
(4), AND (5) OF THIS SECTION.

11-509.

(A)  WHEN AN APPLICANT FOR A LICENSE FILES THE APPLICATION
AND BOND AND PAYS THE FEES REQUIRED BY § 11-507 OF THIS SUBTITLE,
THE COMMISSIONER SHALL INVESTIGATE TO DETERMINE IF THE APPLICANT
MEETS THE REQUIREMENTS OF § 11-506 OF THIS SUBTITLE.

(B)  (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, AN
APPLICANT FOR A LICENSE WHO FILES AN APPLICATION IS NOT SUBJECT
TO THE REQUIREMENTS OF §§ 11-506 AND 11-507(B)(1) § 11-506 OF
THIS SUBTITLE IF THE APPLICANT IS A FEDERALLY APPROVED
SELLER-SERVICER.

(2) AN APPLICANT WHO SEEKS AN EXCEPTION UNDER THIS
SUBSECTION SHALL FURNISH TO THE COMMISSIONER INDEPENDENT EVIDENCE
THAT THE APPLICANT IS A FEDERALLY APPROVED SELLER-SERVICER.

(C)  THE COMMISSIONER SHALL APPROVE OR DENY EACH APPLICATION
FOR A LICENSE WITHIN 60 DAYS AFTER THE DATE WHEN THE APPLICATION
AND BOND ARE FILED AND THE FEES ARE PAID.

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

11-510.

- 3060 -