Section 11-302 - License required.
§ 11-302. License required.
(a) "Installment loan" defined.- In this section, "installment loan" means a loan or extension of credit made for consideration under § 12-103 (a) (3) or (c), Title 12, Subtitle 9, or Title 12, Subtitle 10 of the Commercial Law Article.
(b) License required.- Unless the person is licensed by the Commissioner, a person may not:
(1) Engage in the business of making installment loans;
(2) Make more than 5 installment loans a year; or
(3) Engage in the business of a credit services business as defined under Title 14, Subtitle 19 of the Commercial Law Article.
[An. Code 1957, art. 49, § 5; 1980, ch. 33, § 2; 1982, ch. 753; 1983, ch. 143, § 1; 1991, ch. 628; 1996, ch. 326, § 2.]