2015 Maryland Code
FINANCIAL INSTITUTIONS
Title 12 - MISCELLANEOUS INSTITUTIONS AND ACTIVITIES
Subtitle 4 - MARYLAND MONEY TRANSMISSION ACT
§ 12-411 - Term and renewal of licenses

(a) Term. -- Subject to any regulations the Commissioner adopts in connection with the transition to the nationwide licensing system, an initial license term shall:

(1) Begin on the day the license is issued; and

(2) Expire on December 31 of the year:

(i) The license is issued, if the license is issued before November 1; or

(ii) Succeeding the year that the license is issued, if the license is issued on or after November 1.

(b) Renewal. -- On or after November 1 of each year, a license may be renewed for a 1-year term, if the licensee:

(1) Otherwise is entitled to be licensed;

(2) Files evidence of a surety device required under § 12-412 of this subtitle;

(3) Pays to the Commissioner a nonrefundable renewal fee of $ 2,000; and

(4) Submits to the Commissioner:

(i) A renewal application in the form and in accordance with the process that the Commissioner requires;

(ii) A financial statement that complies with the requirements of § 12-407(b)(4) of this subtitle; and

(iii) Any other information that the Commissioner reasonably requires to determine that the renewal applicant continues to be eligible to be licensed.

(c) Fees. -- In addition to the license renewal fee required under subsection (b)(3) of this section, an applicant for a license renewal shall pay to the nationwide licensing system the fee that the nationwide licensing system imposes in connection with the renewal application.