Maryland Financial Institutions Section 12-907

      (a)      To qualify for a license, an applicant shall satisfy the Commissioner that:

            (1)      The applicant is an organization;

            (2)      Each of the owners, officers, directors, and principals of the applicant has sufficient experience, character, financial responsibility, and general fitness to:

                  (i)      Engage in the business of providing debt management services;

                  (ii)      Warrant the belief that the debt management services business will be conducted lawfully, honestly, fairly, and efficiently; and

                  (iii)      Command the confidence of the public;

            (3)      Each agent acting on behalf of the applicant to manage a trust account required under § 12-917 of this subtitle has sufficient experience, character, financial responsibility, and general fitness to:

                  (i)      Engage in the business of managing a trust account;

                  (ii)      Warrant the belief that the management of the trust account will be conducted lawfully, honestly, fairly, and efficiently; and

                  (iii)      Command the confidence of the public; and

            (4)      The applicant has a net worth computed according to generally accepted accounting principles of at least $50,000, plus an additional net worth of $10,000 for each location at which debt management services will be provided to consumers, up to a maximum of $500,000 as provided in subsection (b) of this section.

      (b)      The Commissioner may require a net worth of up to $500,000, subject to a consideration of the following:

            (1)      The nature and volume of the business or proposed business of the applicant;

            (2)      The amount, nature, quality, and liquidity of the assets of the applicant;

            (3)      The amount and nature of the liabilities, including contingent liabilities, of the applicant;

            (4)      The history of and prospects for the applicant to earn and retain income;

            (5)      The quality of the operations of the applicant;

            (6)      The quality of the management of the applicant;

            (7)      The nature and quality of the person that has control of the applicant; and

            (8)      Any other factor that the Commissioner considers relevant.