Section 11-512 - Change of place of business; change in control(a) A licensee may not add, delete, or modify a location required to be listed in NMLS under § 11-505(f)(2) or (3) of this subtitle unless:(1) The licensee provides to the Commissioner, through NMLS and in accordance with any regulations the Commissioner adopts, notice of the addition, deletion, or modification;(2) The addition, deletion, or modification of the location is recorded with the information associated with the licensee's license in NMLS; and(3) The addition, deletion, or modification of the location otherwise complies with this subtitle.(b) The licensee may not do business at a location required to be listed in NMLS by § 11-505(f)(2) or (3) of this subtitle until the location is recorded with the information associated with the licensee's license in NMLS.(c)(1) A licensee may not undergo a change in control unless the licensee:(i) Notifies the Commissioner through NMLS of the proposed change;(ii) Makes a request through NMLS that the Commissioner approve the proposed change;(iii) Provides any information the Commissioner may require under paragraph (3) of this subsection; and(iv) Receives the approval of the Commissioner through NMLS.(2) For purposes of this subsection: (i) If the licensee is a corporation, "control" means direct or indirect ownership of, or the right to control, 25% or more of the voting shares of the licensee, or the ability to elect a majority of the directors or otherwise effect a change in policy; and(ii) If the licensee is an entity other than a corporation, "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the licensee, whether through the ownership of voting securities, by contract, or otherwise.(3) Within 60 days after receiving a request for approval of a proposed change in control, the Commissioner may require the licensee to provide any information deemed necessary to determine whether a new application is required because of the proposed change in control.(4) The Commissioner shall approve or deny a request for approval of a proposed change in control:(i) Within 60 days after the date the Commissioner receives the request; or(ii) If the Commissioner requests information from the licensee under paragraph (3) of this subsection, within 60 days after the date the information is received by the Commissioner.(5) If the Commissioner does not approve or deny a request for approval of a proposed change in control as provided under paragraph (4) of this subsection, the request shall be deemed approved.(d) In addition to any sanctions which may be imposed under this subtitle by the Commissioner, a licensee who fails to provide in a timely manner the notice required under subsection (a)(1) or (c)(1) of this section shall: (1) For each such failure pay to the Commissioner a surcharge in the amount of $500; and(2) For a licensee who fails to provide in a timely manner the notice required under subsection (c)(1) of this section, file with the Commissioner an application for a new license, together with all applicable application and investigation fees.Amended by 2023 Md. Laws, Ch. 567, Sec. 1, eff. 7/1/2023.Amended by 2021 Md. Laws, Ch. 101, Sec. 2, eff. 10/1/2021.Amended by 2019 Md. Laws, Ch. 92, Sec. 1, eff. 10/1/2019.