This chapter is intended to carry out the provisions of Business Regulation Article, §§7-302 and 7-302.1, Annotated Code of Maryland. In particular, it is intended to set license-related fees to cover the actual documented direct and indirect costs of regulating collection agencies in accordance with the provisions of Business Regulation Article, Title 7, Annotated Code of Maryland. Initial License Fee. The initial license fee required by Business Regulation Article, §§7-302(a) and 7-302.1, Annotated Code of Maryland, is $350 for a 1-year license term. Renewal Fee. The renewal fee required by Business Regulation Article, §7-306(b)(2), Annotated Code of Maryland, is $350 for a 1-year renewal term. Business Regulation Article, Title 7, Subtitle 1 and §§7-302, 7-302.1, and 7-306, Annotated Code of Maryland Effective date: October 3, 2011 (38:19 Md. R. 1147) Regulation .02 amended effective July 2, 2018 (45:13 Md. R. 664)