(a) Subject to any regulations the Commissioner adopts in connection with the transition to NMLS, an initial license term shall:
(1) Begin on the day the license is issued; and
(2) Expire on December 31 of the year:
(i) The license is issued, if the license is issued before November 1; or
(ii) Succeeding the year that the license is issued, if the license is issued on or after November 1.
(b) On or after November 1 of each year, a license may be renewed for a 1–year term, if the licensee:
(1) Otherwise is entitled to be licensed;
(2) Files evidence of a surety device required under § 12–412 of this subtitle;
(3) Pays to the Commissioner a nonrefundable renewal fee of $2,000; and
(4) Submits to the Commissioner:
(i) A renewal application in the form and in accordance with the process that the Commissioner requires;
(ii) A financial statement that complies with the requirements of § 12–407(b)(4) of this subtitle; and
(iii) Any other information that the Commissioner reasonably requires to determine that the renewal applicant continues to be eligible to be licensed.
(c) In addition to the license renewal fee required under subsection (b)(3) of this section, an applicant for a license renewal shall pay to NMLS the fee that NMLS imposes in connection with the renewal application.
Structure Maryland Statutes
Title 12 - Miscellaneous Institutions and Activities
Subtitle 4 - Maryland Money Transmission Act
Section 12-402 - Scope of Subtitle
Section 12-403 - Powers of Commissioner
Section 12-405 - License Required
Section 12-406 - Qualifications of Applicant for License
Section 12-407 - Applications for Licenses
Section 12-408 - Fingerprinting
Section 12-409 - Investigation of Application; Issuance or Denial of License
Section 12-410 - Contents and Scope of Licenses; Additional Licenses
Section 12-411 - Term and Renewal of Licenses
Section 12-412 - Required Bond or Permissible Investments
Section 12-413 - Authorized Delegate
Section 12-413.1 - Training to Recognize Financial Abuse and Exploitation of Elder Adult
Section 12-415 - Change of Location or Control; Penalties
Section 12-416 - Reports to Commissioner
Section 12-417 - Compliance With Federal and State Laws
Section 12-418 - Required Permissible Investments; Segregation of Money by Authorized Delegate
Section 12-419 - Issuance of Duplicate Payment Instruments
Section 12-420 - Redemption of Unused Payment Instruments
Section 12-421 - Determination of Compliance With Subtitle
Section 12-422 - Voluntary Surrender of License
Section 12-423 - Investigatory Powers of Commissioner
Section 12-425 - Required Records
Section 12-427 - Persons Subject to Enforcement
Section 12-429 - Enforcement of Subtitle
Section 12-430.1 - Reporting and Enforcement of Actions Against Money Transmitters