PARRIS N. GLENDENING, Governor

Ch. 36

8-302. REGULATIONS.

THE COMMISSIONER MAY ADOPT REGULATIONS NECESSARY TO CARRY OUT
THIS SUBTITLE.

REVISOR'S NOTE: This section formerly was Art. 48A, § 689(a).

The reference to regulations necessary to "carry out" this subtitle is
substituted for the former reference to regulations necessary to "implement"
this subtitle to conform to similar provisions elsewhere in this article.

No other changes are made.

Defined term: "Commissioner" § 1-101

8-303. REGISTRATION REQUIRED.

(A)     IN GENERAL.

A PERSON MUST REGISTER WITH THE COMMISSIONER BEFORE THE PERSON
ACTS AS OR REPRESENTS ITSELF AS AN ADMINISTRATOR IN THE STATE.

(B)     ADMINISTRATORS OF ERISA PLANS.

A PERSON THAT WOULD BE AN ADMINISTRATOR SUBJECT TO THIS SUBTITLE
BUT FOR THE EXEMPTION UNDER § 8-301(B)(2)(IV) OF THIS SUBTITLE SHALL
PROVIDE TO THE COMMISSIONER:

(1)     WRITTEN NOTICE THAT THE PERSON OPERATES IN THE STATE; AND

(2)     EVIDENCE SATISFACTORY TO THE COMMISSIONER THAT THE
PERSON IS COMPLYING WITH ANY APPLICABLE BONDING REQUIREMENTS IMPOSED
BY ERISA.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, §§ 682 and 696.

In subsection (a) of this section, the phrase "in the State" is added for clarity
and to conform to language used in other similar licensing provisions of this
article.

Defined terms: "Administrator" § 8-301
"Commissioner" § 1-101
"ERISA" § 8-301
"Person" § 1-101

8-304. QUALIFICATIONS OF APPLICANTS.

(A) IN GENERAL.

TO REGISTER AS AN ADMINISTRATOR, AN APPLICANT MUST PRESENT
EVIDENCE SATISFACTORY TO THE COMMISSIONER THAT THE APPLICANT:

(1) HAS NOT BEEN CONVICTED OF:

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