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PARRIS N. GLENDENING, Governor
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S.B. 774
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(I) WITHIN 60 DAYS AFTER THE DATE THE COMMISSIONER
RECEIVES THE REQUEST; OR
(II) IF THE COMMISSIONER REQUESTS INFORMATION FROM THE
LICENSEE UNDER PARAGRAPH (2) OF THIS SUBSECTION, WITHIN 60 DAYS AFTER THE
DATE THE INFORMATION IS RECEIVED BY THE COMMISSIONER.
(4) IF THE COMMISSIONER DOES NOT DENY A REQUEST FOR APPROVAL
OF A PROPOSED CHANGE IN CONTROL AS PROVIDED UNDER PARAGRAPH (3) OF THIS
SUBSECTION, THE REQUEST SHALL BE DEEMED APPROVED.
(C) IN ADDITION TO ANY SANCTIONS THAT MAY BE IMPOSED BY THE
COMMISSIONER UNDER THIS SUBTITLE, A LICENSEE WHO FAILS TO PROVIDE IN A
TIMELY MANNER THE NOTICE REQUIRED UNDER SUBSECTION (A)(1) OR (B)(1) OF THIS
SECTION SHALL:
(1) FOR EACH FAILURE, PAY TO THE COMMISSIONER A PENALTY IN THE
AMOUNT OF $500; AND
(2) FILE WITH THE COMMISSIONER AN APPLICATION FOR A NEW
LICENSE, TOGETHER WITH ALL APPROPRIATE APPLICATION AND INVESTIGATION
FEES.
[12-413.] 12-416.
(a) Within 45 days of the end of each calendar semiannual period ENDING
JUNE 30 AND DECEMBER 31 [for which the licensee does not file an audited financial
statement], the licensee shall file with the Commissioner a report that includes THE
FOLLOWING INFORMATION ON A FORM THAT THE COMMISSIONER REQUIRES:
(1) An unaudited, unconsolidated [statement of income and a statement
of the condition of the licensee] FINANCIAL STATEMENT, INCLUDING A BALANCE
SHEET, INCOME STATEMENT, STATEMENT OF CHANGES IN EQUITY, AND STATEMENT
OF CASH FLOWS;
(2) A schedule of the permissible investments that the licensee holds as
required under [§ 12-414] § 12-418 of this subtitle; [and]
(3) A statement of outstanding payment instruments;
(4) A REPORT OF ALL AUTHORIZED DELEGATES THAT INCLUDES:
(I) AN ALPHABETICAL LIST OF ALL CURRENTLY AUTHORIZED
DELEGATES APPOINTED BY THE LICENSEE THAT INCLUDES THE NAME, BUSINESS
ADDRESS, BUSINESS PHONE NUMBER, AND BUSINESS E-MAIL ADDRESS, IF KNOWN
TO THE LICENSEE, OF EACH AUTHORIZED DELEGATE;
(II) AN ALPHABETICAL LIST OF ALL AUTHORIZED DELEGATES
APPOINTED BY THE LICENSEE DURING THE PREVIOUS 6 MONTHS THAT INCLUDES
THE NAME, BUSINESS ADDRESS, BUSINESS PHONE NUMBER, BUSINESS E-MAIL
ADDRESS, IF KNOWN TO THE LICENSEE. AND DATE OF APPOINTMENT OF EACH
AUTHORIZED DELEGATE; AND
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- 4863 -
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