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2019 Maryland Code
Financial Institutions
Title 11 - Consumer Credit
Subtitle 3 - Installment Loans -- Licensing Provisions
§ 11-302. License required
Universal Citation:
MD Fin Inst Code § 11-302 (2019)
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(a) In this section, “installment loan” means a loan or extension of credit made for consideration under § 12-103(a)(3) or (c), Title 12, Subtitle 9, or Title 12, Subtitle 10 of the Commercial Law Article.
(b) Unless the person is licensed by the Commissioner, a person may not:
(1) Engage in the business of making installment loans;
(2) Make more than 5 installment loans a year; or
(3) Engage in the business of a credit services business as defined under Title 14, Subtitle 19 of the Commercial Law Article.
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