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Maryland Code, Business Regulation § 7-306

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

(a) An initial license term shall:

(1) begin on the date the license is issued; and

(2) expire on December 31 of the year:

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

(ii) immediately following the year in which the license is issued, if the license is issued on or after November 1.

(b) On or after November 1 of the year in which a license expires, the license may be renewed for an additional 1-year term, if the licensee:

(1) is otherwise entitled to be licensed;

(2) pays to the Board a nonrefundable renewal fee set by the Board;

(3) submits a renewal application in the form and in accordance with the process that the Board requires; and

(4) files as part of the application a surety bond as required under § 7-304 of this subtitle.

(c) To the extent required or permitted by NMLS, the Board may determine that licenses issued under this subtitle shall expire on a staggered basis.

(d) A licensee may not renew a license unless, before the submission of the license renewal application, the licensee has transferred the licensee's licensing information to NMLS in accordance with § 7-301(d) of this subtitle.

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Cite this article: FindLaw.com - Maryland Code, Business Regulation § 7-306 - last updated January 01, 2025 | https://codes.findlaw.com/md/business-regulation/md-code-bus-reg-sect-7-306/

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