Maryland Financial Institutions Section 11-409

      (a)      (1)      A license issued on or before September 30, 1997 expires on December 31 of the year in which it was issued.

            (2)      A license issued on or after October 1, 1997 expires on December 31 in each odd-numbered year after December 31, 1997.

      (b)      Before a license expires, the licensee may apply for a new license.

      (c)      The Secretary may determine that licenses issued under this subtitle shall expire on a staggered basis.