§ 12-111
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/md/financial-institutions/12-111A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–111.
(a)An initial license term shall:
(1)Begin on the date the license is issued; and
(2)Expire on December 31 of the year:
(i)In which the license is issued, if the license is issued before November 1; or
(ii)Immediately following the year in which the license is issued, if the license is issued on or after November 1.
(b)On or after November 1 of the year a license expires, the license may be renewed for an additional 1–year term, if the licensee:
(1)Otherwise is entitled to be licensed;
(2)Pays to the Commissioner a renewal fee of $500; and
(3)Submits to the Commissioner a renewal application in the form, and in accordance with the process, that the Commissioner requires.
(c)The Commissioner shall determine if the requirements of § 12–106 of this subtitle to qualify for a license continue to apply.
(d)To the extent required or permitted by NMLS, the Commissioner may determine that licenses issued under this subtitle shall expire on a staggered basis.
(e)A licensee may not renew a license unless, before the submission of the license renewal application, the licensee has transferred the licensee’s licensing information to NMLS in accordance with § 12–105(c) of this subtitle.