Ch. 36                                          1995 LAWS OF MARYLAND

Defined terms: "Adviser" § 10-201
"Commissioner" § 1-101

10-211. TERM AND RENEWAL OF LICENSE.

(A)     TERM OF LICENSE.

A LICENSE EXPIRES ON THE FIRST DECEMBER 31 THAT COMES AFTER ITS
EFFECTIVE DATE AND IN AN ODD-NUMBERED YEAR UNLESS IT IS RENEWED FOR A
2-YEAR TERM AS PROVIDED IN THIS SECTION.

(B)      RENEWAL NOTICE.

AT LEAST 1 MONTH BEFORE A LICENSE EXPIRES, THE COMMISSIONER SHALL
MAIL TO THE LICENSEE, AT THE LAST KNOWN ADDRESS OF THE LICENSEE:

(1)      A RENEWAL APPLICATION FORM; AND

(2)      A NOTICE THAT STATES:

(I)      THE DATE BY WHICH THE COMMISSIONER MUST RECEIVE THE
RENEWAL APPLICATION FOR THE RENEWAL TO BE ISSUED AND MAILED BEFORE
THE LICENSE EXPIRES; AND

(II)     THE AMOUNT OF THE RENEWAL FEE.

(C)     APPLICATIONS FOR RENEWAL.

BEFORE A LICENSE EXPIRES, THE LICENSEE PERIODICALLY MAY RENEW IT
FOR AN ADDITIONAL 2-YEAR TERM, IF THE LICENSEE:

(1)      OTHERWISE IS ENTITLED TO A LICENSE;

(2)      FILES WITH THE COMMISSIONER A RENEWAL APPLICATION ON THE
FORM THAT THE COMMISSIONER PROVIDES;

(3)      EXCEPT FOR AN APPLICANT WHO IS A MEMBER IN GOOD STANDING
OF AN ACTUARIAL ORGANIZATION LISTED IN § 10-204(D) OF THIS SUBTITLE, PAYS TO
THE COMMISSIONER:

(I)      THE RENEWAL FEE REQUIRED BY § 2-112 OF THIS ARTICLE, IF
THE APPLICANT IS A RESIDENT OF THIS STATE; OR

(II)     THE SAME FEE THAT THE STATE WHERE THE APPLICANT
RESIDES CHARGES A RESIDENT OF THIS STATE FOR RENEWAL OF A LICENSE TO ACT
AS AN ADVISER IN THAT STATE, IF THE APPLICANT IS NOT A RESIDENT OF THIS
STATE;

(4)      IS IN COMPLIANCE WITH THE BOND REQUIREMENT OF § 10-206 OF
THIS SUBTITLE; AND

(5)      IF THE COMMISSIONER DETERMINES THAT AN EXAMINATION IS
ADVISABLE TO DETERMINE THE TRUSTWORTHINESS OR COMPETENCE OF A
LICENSEE, PASSES AN EXAMINATION GIVEN BY THE COMMISSIONER.

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