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Maryland Code, Financial Institutions § 11-205

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

To qualify for a license, an applicant shall satisfy the Commissioner that:

(1) The applicant has at least $20,000 in liquid assets available to be used in the business to be covered by the license;

(2) The business will promote the convenience and advantage of the community in which the place of business will be located; and

(3) The applicant or, if the applicant is not an individual, the owners, officers, directors, or members have sufficient experience, character, financial responsibility, and general fitness to:

(i) Command the confidence of the public; and

(ii) Warrant the belief that the business will be operated lawfully, honestly, fairly, and efficiently.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 11-205 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-11-205/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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