Maryland Financial Institutions Section 11-407

      (a)      The Commissioner shall approve or deny each application for a license within 60 days after the date when the application is made and the fees are paid.

      (b)      The Commissioner shall issue a license to any applicant who meets the requirements of this subtitle.

      (c)      (1)      If the Commissioner denies an application, the Commissioner shall:

                  (i)      Notify the applicant of the denial;

                  (ii)      Refund the license fee to the applicant; and

                  (iii)      Keep the investigation fee and any charges collected under § 11-406 of this subtitle.

            (2)      Within 20 days after the Commissioner denies an application, the Commissioner shall:

                  (i)      File in the Commissioner's office a written decision and statement of the reasons for denying the application; and

                  (ii)      Send a copy of the decision and statement to the applicant.