§ 12-1102
211 words·~1 min read·
/md/financial-institutions/12-1102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–1102.
(a)Beginning March 15, 2024, a student financing company shall register with the Commissioner as a student financing company before providing services in the State.
(b)An application for registration shall include:
(1)The student financing company’s name;
(2)The student financing company’s address;
(3)The name of all officers, directors, partners, and owners of controlling interests of the student financing company;
(4)The addresses of all officers, directors, partners, and owners of controlling interests in the student financing company; and
(5)Any other information that the Commissioner requires by regulation.
(c)A student financing company shall renew its registration on an annual basis, and may be required to pay a fee at the time of renewal.
(d)The Commissioner may adopt and enforce:
(1)Registration procedures for student financing companies, which may include the use of NMLS;
(2)Registration fees for student financing companies, which may include fees for the use of NMLS, to be paid directly by the student financing company;
(3)Procedures and fees for renewing a student financing company’s registration, which may include fees for the renewed use of NMLS, to be paid directly by the student financing company; and
(4)Alternate registration procedures and fees for institutions of postsecondary education that offer student financing products.