Maryland Financial Institutions Section 9-208

      (a)      The Division Director may require any change in the proposed articles of incorporation or bylaws that the Division Director considers necessary.

      (b)      (1)      Not later than 60 days after application, the Division Director shall pass a preliminary order in writing approving or refusing the application to organize.

            (2)      The Division Director shall issue a final written order of approval for incorporation when the Division Director receives the surety bond under this subtitle and is satisfied that the initial accounts required under this subtitle are funded in cash.

      (c)      An applicant aggrieved by the final order of the Division Director may appeal under § 8-403 of this title.

      (d)      (1)      After the time for appeal of the order expires or on final determination of any appeal taken, the Division Director shall endorse and date each copy of the articles "approved" or "refused".

            (2)      If the Division Director approves the articles, the Division Director shall:

                  (i)      Return the endorsed, executed articles to the chairman of the incorporators; and

                  (ii)      Keep the conformed copy.

            (3)      If the Division Director refuses the articles, the Division Director shall return the endorsed, executed articles to the chairman of the incorporators.