Ch. 375                                    2003 LAWS OF MARYLAND

(5) THE COMMISSIONER FAILS TO APPROVE OR DENY A REQUEST FOR
APPROVAL OF A PROPOSED CHANGE IN CONTROL WITHIN THE APPLICABLE PERIOD
UNDER PARAGRAPH (1) OF THIS SUBSECTION, THE REQUEST IS DEEMED TO-BE
APPROVED.

(C) IN ADDITION TO ANY OTHER SANCTION THAT THE COMMISSIONER MAY
IMPOSE UNDER THIS SUBTITLE, A LICENSEE WHO FAILS TO PROVIDE TIMELY NOTICE
OF A PROPOSED CHANGE UNDER SUBSECTION (A)(1) OR (B)(2) OF THIS SECTION
SHALL;

(1) PAY TO THE COMMISSIONER A SURCHARGE OF $500 FOR EACH
FAILURE; AND

(2) IF THE COMMISSIONER SO REQUIRES, FILE WITH THE
COMMISSIONER AN APPLICATION FOR A NEW LICENSE, TOGETHER WITH ALL
APPLICABLE APPLICATION AND INVESTIGATION FEES.

(A) (1) A LICENSEE SHALL GIVE THE COMMISSIONER WRITTEN NOTICE OF
ANY CHANGE IN THE INFORMATION REQUIRED TO BE INCLUDED IN THE LICENSEE'S
APPLICATION UNDER § 12-908(B)(1) AND (2) OF THIS SUBTITLE AT LEAST 30 DAYS
BEFORE THE CHANGE IS EFFECTIVE.

(2) THE LICENSEE SHALL PROVIDE WITH THE NOTICE EVIDENCE THAT,
AFTER THE CHANGE DESCRIBED IN THE NOTICE, THE LICENSEE WILL CONTINUE TO
SATISFY THE SURETY BOND REQUIREMENT UNDER § 12-914 OF THIS TITLE.

(B) UNLESS APPROVED BY THE COMMISSIONER A LICENSEE MAY NOT
CHANGE AN OWNER OFFICER DIRECTOR OR PRINCIPAL OF THE LICENSEE, OR AN
AGENT WHO IS ACTING ON BEHALF OF THE LICENSEE TO MANAGE A TRUST
ACCOUNT, LISTED ON THE LICENSEE'S APPLICATION UNDER § 12-908(B)(3) AND (6) OF
THIS SUBTITLE.

(C) (1) TO REQUEST APPROVAL OF A PROPOSED CHANGE DESCRIBED IN
SUBSECTION (B) OF THIS SECTION, THE LICENSEE SHALL NOTIFY THE
COMMISSIONER IN WRITING OF THE PROPOSED CHANGE AND SUBMIT ANY
INFORMATION THAT THE COMMISSIONER REQUIRES.

(2) FOR A PROPOSED CHANGE IN OWNER OR AGENT ACTING ON BEHALF
OF THE LICENSEE TO MANAGE A TRUST ACCOUNT, THE COMMISSIONER MAY
DETERMINE THAT THE FILING OF A NEW APPLICATION FOR THE ISSUANCE OF A
LICENSE IS WARRANTED.

(3) UNLESS THE COMMISSIONER NOTIFIES THE LICENSEE THAT A
DIFFERENT TIME PERIOD IS NECESSARY, THE COMMISSIONER SHALL APPROVE OR
DENY A REQUEST FOR A CHANGE DESCRIBED IN SUBSECTION (B) OF THIS SECTION
WITHIN 60 DAYS AFTER THE DATE THE COMMISSIONER RECEIVES ALL
INFORMATION REQUIRED UNDER PARAGRAPH (1) OF THIS SUBSECTION.

12-916.

(A) (1) A LICENSEE MAY NOT PERFORM DEBT MANAGEMENT SERVICES FOR
A CONSUMER UNLESS:

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