Section 11-302 - License required. - Maryland Statutes

§ 11-302. License required.
 

(a)  "Installment loan" defined.- In this section, "installment loan" means a loan or extension of credit made for consideration under § 12-103 (a) (3) or (c), Title 12, Subtitle 9, or Title 12, Subtitle 10 of the Commercial Law Article. 

(b)  License required.- Unless the person is licensed by the Commissioner, a person may not: 

(1) Engage in the business of making installment loans; 

(2) Make more than 5 installment loans a year; or 

(3) Engage in the business of a credit services business as defined under Title 14, Subtitle 19 of the Commercial Law Article. 
 

[An. Code 1957, art. 49, § 5; 1980, ch. 33, § 2; 1982, ch. 753; 1983, ch. 143, § 1; 1991, ch. 628; 1996, ch. 326, § 2.]