PARRIS N. GLENDENING, Governor                             Ch. 326

(2)     A license does not authorize the licensee to accept deposits or engage
otherwise in a banking business except as authorized in this subtitle.

(3)     Only one place of business may be maintained under any one license.

(c) The [Bank] Commissioner may issue more than one license to an applicant
who:

(1)     Complies with § 12-406 of this subtitle; and

(2)     Otherwise meets the requirements of this subtitle.
12-409.

(a)     A license expires on the December 31 after its effective date, unless it is
renewed for a 1-year term as provided in this section.

(b)     On or before December 10, a licensee may renew a license for an additional
year, if the licensee:

(1)     Otherwise is entitled to be licensed;

(2)     Files any bond renewal certificate or new bond or deposits any new
permissible investments required by § 12-410 of this subtitle;

(3)     Pays to the [ Bank] Commissioner a license fee of $200;

(4)     Submits the report and pays the agent fee required by § 12-411 of this
subtitle; and

(5)     Submits to the [ Bank] Commissioner:

(i) A renewal application on the form that the [Bank] Commissioner
requires; and

(ii) A financial statement that complies with the requirements of §
12-406(b)(2) of this subtitle.

12-410.

(a)     With the application for a new or renewal license, the applicant either shall
file a surety bond or bond renewal certificate or shall deposit permissible investments
with the [Bank] Commissioner as provided in this section.

(b)     (1) A surety bond filed under this section shall run to this State for the
benefit of any person who has a cause of action against the applicant for any liability
incurred on a payment instrument or traveler's check issued or sold by the applicant or by
any agent of the applicant.

(2) The surety bond shall be:

(i) In the amount required by subsection (d) of this section; and

(ii) Issued by a bonding company or insurance company that is
authorized to do business in this State.

- 1981 -