Section 12-407 - Applications for licenses.
§ 12-407. Applications for licenses.
(a) In general.- To apply for a license, an applicant shall complete and submit to the Commissioner an application made under oath on the form that the Commissioner requires.
(b) Requirements.- An applicant shall provide:
(1) The trade name of the applicant, as filed with the State Department of Assessments and Taxation under § 1-406 of the Corporations and Associations Article, and any fictitious or other name used by the applicant in the conduct of the applicant's business;
(2) The address at which the applicant's business is to be conducted and the address of the headquarters of the business;
(3) The name, business address, and nature of the business of each authorized delegate to be appointed by the applicant;
(4) The most recent unconsolidated financial statement of the applicant that shall:
(i) Be prepared in accordance with generally accepted accounting principles applied on a consistent basis;
(ii) Be a certified opinion audit prepared by an independent certified public accountant;
(iii) Include a schedule of all permissible investments, if any, of the applicant; and
(iv) Be no older than 12 months before the date of the application;
(5) The name, address, and telephone number of the applicant's resident agent in the State;
(6) A history of material litigation against the applicant, if any, for the past 3 years; and
(7) Any other information that the Commissioner reasonably requires.
(c) Same - Sole proprietors.- If the applicant is a sole proprietorship, the applicant also shall provide:
(1) The applicant's residence address, telephone number, and electronic mail address; and
(2) The applicant's credit report that is no older than 3 months before the date of the application.
(d) Same - Joint ventures or partnerships.- If the applicant is a joint venture or partnership, the applicant also shall provide:
(1) The residence address, telephone number, and electronic mail address of each coventurer or general partner;
(2) An individual credit report for all coventurers or general partners that is no older than 3 months before the date of application; and
(3) A copy of all joint venture or partnership agreements for the applicant.
(e) Same - Corporations or limited liability companies.- If the applicant is a corporation or limited liability company, the applicant also shall provide:
(1) The name, business telephone number, electronic mail address, and the residence address and telephone number of the executive officers, directors, and all key shareholders or members;
(2) A business credit report for the applicant that is no older than 3 months before the date of application;
(3) Certified copies of the applicant's articles of incorporation or articles of organization and bylaws or operating agreement with all amendments; and
(4) A certificate of good standing from the state in which the applicant is incorporated or organized.
(f) Fees.- With the application, the applicant shall pay to the Commissioner:
(1) An investigation fee of $1,000; and
(2) A license fee of either:
(i) $4,000 if the applicant applies for the license on or after January 1 and on or before December 31 of an even-numbered year; or
(ii) $2,000 if the applicant applies for the license on or after January 1 and on or before December 31 of an odd-numbered year.
(g) Bond or permissible investments.- With the application, the applicant shall file evidence of a surety device with the Commissioner as provided in § 12-412 of this subtitle.
(h) Separate application, financial statement, and fees required.-
(1) For each license for which an applicant applies, the applicant shall:
(i) Submit a separate application; and
(ii) Pay a separate license fee.
(2) If an applicant has or is applying for more than one license, the applicant may comply with subsection (g) of this section by filing evidence of only one surety device.
(3) If an applicant has or is applying for more than one license, the applicant is not required to pay a separate investigation fee.
[An. Code 1957, art. 11, §§ 212, 216; 1980, ch. 33, § 2; ch. 541; 1996, ch. 326, § 2; 1997, ch. 23; 2002, ch. 539.]