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Statutes Text

Article - Financial Institutions




§11–201.

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

    (b)    “Branch location” means any location other than the principal executive office of a licensee or license applicant at which the licensee conducts, or the license applicant, on licensure, will conduct, activities required to be licensed under this subtitle.

    (c)    (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.

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

    (d–1)    “Licensee” means a person licensed under this subtitle to make loans under the Maryland Consumer Loan Law.

    (e)    “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.

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

    (g)    “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.

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



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