<?xml version='1.0' encoding='utf-8'?>
<section article="gfi" article_name="Financial Institutions" number="12-915" title_number="12" title_name="Miscellaneous Institutions and Activities" subtitle_number="9" subtitle_name="Maryland Debt Management Services Act">
  <level label="a">
    <level label="1">
      <text>Except for a change of a licensed location made in compliance with subsection (d) of this section, a licensee shall update through NMLS any change in the information required to be included in the licensee’s application under § 12–908(b)(1) of this subtitle at least 30 days before the change is effective.</text>
    </level>
    <level label="2">
      <text>The licensee shall ensure that, after the change described in this subsection, the licensee will continue to satisfy the surety bond requirement under § 12–914 of this subtitle.</text>
    </level>
  </level>
  <level label="b">
    <text>Unless approved by the Commissioner through NMLS, a licensee may not change a control person of the licensee, or an agent who is acting on behalf of the licensee to manage a trust account, listed on the licensee’s application under § 12–908(b)(3) and (6) of this subtitle.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>To request approval of a proposed change described in subsection (b) of this section, the licensee shall notify the Commissioner through NMLS of the proposed change and submit any information that the Commissioner requires.</text>
    </level>
    <level label="2">
      <text>For a proposed change in owner or agent acting on behalf of the licensee to manage a trust account, the Commissioner may determine that the filing of a new application for the issuance of a license is warranted.</text>
    </level>
    <level label="3">
      <text>Unless the Commissioner notifies the licensee that a different time period is necessary, the Commissioner shall approve or deny a request for a change described in subsection (b) of this section within 60 days after the date the Commissioner receives all information required under paragraph (1) of this subsection.</text>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>A licensee may not add, delete, or modify a location required to be listed in NMLS under § 12–911(a)(2) or (3) of this subtitle unless:</text>
      <level label="i">
        <text>The licensee provides to the Commissioner, through NMLS and in accordance with any regulations the Commissioner adopts, notice of the addition, deletion, or modification;</text>
      </level>
      <level label="ii">
        <text>The addition, deletion, or modification of the location is recorded with the information associated with the licensee’s license in NMLS; and</text>
      </level>
      <level label="iii">
        <text>The addition, deletion, or modification of the location otherwise complies with this subtitle.</text>
      </level>
    </level>
    <level label="2">
      <text>The licensee may not do business at a location required to be listed in NMLS by § 12–911(a)(2) or (3) of this subtitle until the location is recorded with the information associated with the licensee’s license in NMLS.</text>
    </level>
  </level>
</section>
