There is a newer version of the Maryland Code
Maryland Financial Institutions Section 11-409
§ 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.
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