(a) After an applicant for a license files a complete application, files a surety bond, and pays the license and investigation fees required under this subtitle, the Commissioner shall investigate the facts relevant to the application to determine if the applicant meets the requirements of this subtitle.
(b) Unless the Commissioner notifies an applicant that a different time period is necessary, the Commissioner shall approve or deny each application for a license within 60 days after the date on which the complete application is filed, the surety bond is filed, and the fees are paid.
(c) The Commissioner shall issue a license to any applicant that meets the requirements of this subtitle.
(d) (1) If an applicant does not meet the requirements of this subtitle, the Commissioner:
(i) Subject to the hearing provisions of § 12–927 of this subtitle, shall deny the application;
(ii) Shall notify the applicant immediately of the denial;
(iii) Shall refund the license fee; and
(iv) Shall keep the investigation fee.
(2) (i) Within 30 days after the Commissioner denies an application, the Commissioner shall send a written notice to the applicant stating the reasons for the denial.
(ii) The notice shall be sent by United States mail, e–mail, or any means provided through NMLS to the address listed in the application.
Structure Maryland Statutes
Title 12 - Miscellaneous Institutions and Activities
Subtitle 9 - Maryland Debt Management Services Act
Section 12-902 - Applicability
Section 12-906 - Debt Management Services Without License Prohibited; Requirements
Section 12-907 - License Requirements
Section 12-909 - Fingerprints and Criminal History Records Check
Section 12-910 - Investigation; Time Period; Issuance; Denial
Section 12-911 - Contents of License; Authorization; Transfer; Display; Notice on Website
Section 12-912 - Term, Expiration, and Renewal of License
Section 12-915 - Change of Information Included in the Application
Section 12-916 - Requirements for Providing Debt Management Services
Section 12-917 - Trust Account
Section 12-920 - Prohibited Activities
Section 12-922 - Retention of Books, Accounts, and Records
Section 12-923 - Investigation
Section 12-924 - On-Site Examination
Section 12-925 - License Number to Be Included in Advertisement
Section 12-926 - Denial, Suspension, Revocation of License
Section 12-928 - Enforcement of Subtitle