Md. Code, Financial Institutions § 12-1102
This is the official text of Md. Code, Financial Institutions § 12-1102, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§12–1102.
Official statutory text
(a) Beginning March 15, 2024, a student financing company shall register with the Commissioner as a student financing company before providing services in the State.
(b) An application for registration shall include:
(1) The student financing company’s name;
(2) The student financing company’s address;
(3) The name of all officers, directors, partners, and owners of controlling interests of the student financing company;
(4) The addresses of all officers, directors, partners, and owners of controlling interests in the student financing company; and
(5) Any other information that the Commissioner requires by regulation.
(c) A student financing company shall renew its registration on an annual basis, and may be required to pay a fee at the time of renewal.
(d) The Commissioner may adopt and enforce:
(1) Registration procedures for student financing companies, which may include the use of NMLS;
(2) Registration fees for student financing companies, which may include fees for the use of NMLS, to be paid directly by the student financing company;
(3) Procedures and fees for renewing a student financing company’s registration, which may include fees for the renewed use of NMLS, to be paid directly by the student financing company; and
(4) Alternate registration procedures and fees for institutions of postsecondary education that offer student financing products.
(b) An application for registration shall include:
(1) The student financing company’s name;
(2) The student financing company’s address;
(3) The name of all officers, directors, partners, and owners of controlling interests of the student financing company;
(4) The addresses of all officers, directors, partners, and owners of controlling interests in the student financing company; and
(5) Any other information that the Commissioner requires by regulation.
(c) A student financing company shall renew its registration on an annual basis, and may be required to pay a fee at the time of renewal.
(d) The Commissioner may adopt and enforce:
(1) Registration procedures for student financing companies, which may include the use of NMLS;
(2) Registration fees for student financing companies, which may include fees for the use of NMLS, to be paid directly by the student financing company;
(3) Procedures and fees for renewing a student financing company’s registration, which may include fees for the renewed use of NMLS, to be paid directly by the student financing company; and
(4) Alternate registration procedures and fees for institutions of postsecondary education that offer student financing products.
Status: in_force · Read it on the official government site
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