(a) (1) A licensee may not add, delete, or modify a location required to be listed in NMLS under § 12-410(a)(2), (3), or (4) of this subtitle unless: (i) The licensee provides to the Commissioner, through NMLS and in accordance with any regulations adopted by the Commissioner, notice of the addition, deletion, or modification; (ii) The addition, deletion, or modification of the location is recorded with the information associated with the licensee's license in NMLS; and (iii) The addition, deletion, or modification of the location otherwise complies with this subtitle. (2) The licensee may not do business at a location or in a geographic area required to be listed in NMLS by § 12-410(a)(2), (3), or (4) of this subtitle until the location or geographic area is recorded with the information associated with the licensee's license in NMLS. (b) (1) A licensee may not undergo a change in control unless the licensee: (i) Notifies the Commissioner through NMLS of the proposed change; (ii) Makes a request through NMLS that the Commissioner approve the proposed change; (iii) Provides any information the Commissioner may require under paragraph (3) of this subsection; and (iv) Receives the approval of the Commissioner through NMLS. (2) Within 60 days after receiving a request for approval of a proposed change in control, the Commissioner may require the licensee to provide any information deemed necessary to determine whether a new application is required because of the proposed change in control. (3) The Commissioner shall approve or deny a request for approval of a proposed change in control: (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) For a licensee who fails to provide the notice required under subsection (b)(1) of this section in a timely manner, file with the Commissioner an application for a new license, together with all appropriate application and investigation fees.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.