(a)In this subtitle the following words have the meanings indicated.
(b)(1) “Control person” means a person who has the power, directly or indirectly, to direct the management or policies of a licensee or license applicant, whether through ownership of securities, by contract, or otherwise.
(2)“Control person” includes a person who:
(i)Is a general partner, an officer, or a director of a licensee or license applicant, or occupies a similar position or performs a similar function;
(ii)Directly or indirectly has the right to vote 10% or more of a class of voting securities, or has the power to sell or direct the sale of 10% or more of a class of voting securities of a licensee or license applicant; or
Free access — add to your briefcase to read the full text and ask questions with AI
(a) In this subtitle the following words have the meanings indicated.
(b) (1) “Control person” means a person who has the power, directly or indirectly, to direct the management or policies of a licensee or license applicant, whether through ownership of securities, by contract, or otherwise.
(2) “Control person” includes a person who:
(i) Is a general partner, an officer, or a director of a licensee or license applicant, or occupies a similar position or performs a similar function;
(ii) Directly or indirectly has the right to vote 10% or more of a class of voting securities, or has the power to sell or direct the sale of 10% or more of a class of voting securities of a licensee or license applicant; or
(iii) In the case of a partnership, a limited partnership, a limited liability partnership, a limited liability company, or any other business entity:
1. Has the right to receive on liquidation or dissolution of a licensee or license applicant 10% or more of the capital of the licensee or license applicant; or
2. Has contributed 10% or more of the capital of a licensee or license applicant.
(c) “License” means a license issued in any form by the Commissioner under this subtitle to make loans under the Maryland Consumer Loan Law, including as provided for through NMLS.
(d) “Licensed location” means any location listed by the licensee in NMLS in accordance with this subtitle.
(e) “Licensed name” means:
(1) The licensee’s legal name; and
(2) Any trade name used by the licensee in accordance with § 2–121 of this article.
(f) “Licensee” means a person licensed under this subtitle to make loans under the Maryland Consumer Loan Law.
(g) “Loan” means any loan or advance of money or credit subject to Title 12, Subtitle 3 of the Commercial Law Article, the Maryland Consumer Loan Law – Credit Provisions, regardless of whether the loan or advance of money or credit is or purports to be made under Title 12, Subtitle 3 of the Commercial Law Article.
(h) “Maryland Consumer Loan Law” means this subtitle and Title 12, Subtitle 3 of the Commercial Law Article.
(i) “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(j) “Unique identifier” means a number or another identifier assigned by NMLS.