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Maryland Code, Business Regulation § 7-305

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A license authorizes the licensee to do business as a collection agency at each licensed location and under each licensed name, or as otherwise authorized by regulation.

(b) Information in NMLS associated with a license approved by the Board under this subtitle shall include the following:

(1) the licensee's legal name and any trade name used by the licensee in accordance with § 2-121 of the Financial Institutions Article;

(2) the address of the licensee's principal executive office; and

(3) the address of each additional location, if any, where the licensee does business and that:

(i) the general public may reasonably view as a location that does business as a collection agency, including any location that investigates customer complaints or directly communicates with customers verbally, electronically, or in writing;

(ii) houses any core operational infrastructure or technology systems;

(iii) conducts any core management, information security and technology, risk and compliance, or finance functions; or

(iv) is otherwise required to be listed in NMLS by regulation.

(c) A licensee shall maintain and update the information in NMLS associated with the licensee's license to reflect accurately at all times the information required by subsection (b) of this section.

(d) The unique identifier of the licensee shall constitute the license number for the license.

(e) A licensee may not add, delete, or modify a location required to be listed in NMLS under subsection (b) of this section unless:

(1) the licensee provides to the Board, through NMLS and in accordance with any applicable regulations, notice of the addition, deletion, or modification;

(2) the addition, deletion, or modification of the location is recorded with the information associated with the licensee's license in NMLS; and

(3) the addition, deletion, or modification of the location otherwise complies with this title.

(f) The licensee may not do business at a location required to be listed in NMLS under subsection (b) of this section until the location is recorded with the information associated with the licensee's license in NMLS.

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Cite this article: FindLaw.com - Maryland Code, Business Regulation § 7-305 - last updated January 01, 2025 | https://codes.findlaw.com/md/business-regulation/md-code-bus-reg-sect-7-305/

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