Article - Financial Institutions
(a) When an applicant for a license files the application and pays the fees required by § 11–604 of this subtitle, the Commissioner shall conduct an investigation to determine if the applicant meets the requirements of § 11–605 of this subtitle.
(b) The Commissioner shall issue a license to an applicant who meets the requirements of § 11–605 of this subtitle.
(c) If the Commissioner notifies an applicant that the application is incomplete:
(1) The Commissioner’s notice shall itemize the steps which the applicant must take to complete the application; and
(2) The application shall not be approved until after the applicant supplies or completes all items and steps identified in the Commissioner’s notice.
(d) The Commissioner may deny an application:
(1) If the applicant fails to qualify for a license under this subtitle; or
(2) For any reason that a license may be revoked or suspended under this subtitle or a mortgage lender license may be suspended or revoked under § 11–517 of this title.
(e) The Commissioner shall approve or deny an application within 60 days after the Commissioner receives a completed application.