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Maryland Code, Financial Institutions § 11-201

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

(a) In this subtitle the following words have the meanings indicated.

(b) (1) “Control person” means a person who has the power, directly or indirectly, to direct the management or policies of a licensee or license applicant, whether through ownership of securities, by contract, or otherwise.

(2) “Control person” includes a person who:

(i) Is a general partner, an officer, or a director of a licensee or license applicant, or occupies a similar position or performs a similar function;

(ii) Directly or indirectly has the right to vote 10% or more of a class of voting securities, or has the power to sell or direct the sale of 10% or more of a class of voting securities of a licensee or license applicant; or

(iii) In the case of a partnership, a limited partnership, a limited liability partnership, a limited liability company, or any other business entity:

1. Has the right to receive on liquidation or dissolution of a licensee or license applicant 10% or more of the capital of the licensee or license applicant; or

2. Has contributed 10% or more of the capital of a licensee or license applicant.

(c) “License” means a license issued in any form by the Commissioner under this subtitle to make loans under the Maryland Consumer Loan Law,  1 including as provided for through NMLS.

(d) “Licensed location” means any location listed by the licensee in NMLS in accordance with this subtitle.

(e) “Licensed name” means:

(1) The licensee's legal name; and

(2) Any trade name used by the licensee in accordance with § 2-121 of this article.

(f) “Licensee” means a person licensed under this subtitle to make loans under the Maryland Consumer Loan Law.

(g) “Loan” means any loan or advance of money or credit subject to Title 12, Subtitle 3 of the Commercial Law Article, the Maryland Consumer Loan Law--Credit Provisions, regardless of whether the loan or advance of money or credit is or purports to be made under Title 12, Subtitle 3 of the Commercial Law Article.

(h) “Maryland Consumer Loan Law” means this subtitle and Title 12, Subtitle 3 of the Commercial Law Article.

(i) “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.

(j) “Unique identifier” means a number or another identifier assigned by NMLS.

1 Commercial Law, § 12-301 et seq.
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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 11-201 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-11-201/

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