State offices and all DLLR physical locations will be closed to the public November 26 through November 28, 2014. However, Unemployment Insurance telephone and Web operations WILL be available on Wednesday, November 26.

Office of the Commissioner of Financial Regulation

 

Consumer Lender and Installment Lender License Requirements

 

Corporation/LLC
Partnership, Limited Liability Partnership, or Unincorporated Association
Individual or Sole Proprietorship

 

Corporation/LLC

  1. Principal Officer Information - Provide a list of names, business and residence addresses, and telephone numbers of each principal officer and director.
     
  2. Experience - A true and correct statement of the business and/or employment for each of the principal officers or members who own or control 10% or more of the corporation or LLC. Provide a current resume for each principal officer or member.
     
  3. Stockholders - A list of the stockholders who own or control 10% or more of the Corporation or LLC.
     
  4. Organizational Documents - A copy of current by-laws, articles of incorporation or organization, and operating agreement.
     
  5. Certificate of Good Standing - A current (within 12 months) Certificate of Good Standing from the Maryland Department of Assessment and Taxation (410- 767-1340).
     
  6. Surety Bond - A Surety Bond Form (MSWord document, 35KB, download Word viewer for free) or valid continuation Certificate that runs to the Commissioner in the amount of $12,000, in favor of the State of Maryland. The bond must be "continuous until cancelled." 
     
  7. Liquid Asset Letter - Provide a liquid asset letter verified by a financial institution, showing $20,000 in funds to be used by the business. A reviewed or audited financial statement may be substituted for the liquid asset letter.
     
  8. Credit Report - Provide a current (within the last 12 months) business credit report. If a business credit report is not available, or if the business is a new entity, a current personal credit report(s) needs to be provided for the President and any stockholder who owns or controls 10% or more of the Corporation or LLC.
     
  9. Trade Name - If a trade name is used, provide proof of the trade name registration from the Maryland Department of Assessments and Taxation. The Maryland Department of Assessments and Taxation can be reached at 410-767-1340.

Partnership, Limited Liability Partnership, or Unincorporated Association

  1. Principal Officer Information - Provide a list of names, business and residence addresses, and telephone numbers of each principal officer and director.
     
  2. Experience - A true and correct statement of the business and/or employment for each of the general partners, co-venturers, or association members. Provide a current resume; for each employer listed, include the employer's name and full address, the period of employment with that employer (beginning month/year and ending month/year) the position held, and a description of your duties and responsibilities.
     
  3. Organizational Documents- A copy of the partnership agreement, certificate of limited partnership, or articles of association.
     
  4. Certificate of Good Standing - A current (within 12 months) Certificate of Good Standing from the Maryland Department of Assessment and Taxation (410- 767-1340).
     
  5. Surety Bond - A Surety Bond Form (MSWord document, 35KB, download Word viewer for free) or valid continuation Certificate that runs to the Commissioner in the amount of $12,000, in favor of the State of Maryland. The bond must be "continuous until cancelled."
     
  6. Liquid Asset Letter - Provide a liquid asset letter verified by a financial institution, showing $20,000 in funds to be used by the business. A reviewed or audited financial statement may be substituted for the liquid asset letter.
     
  7. Credit Report - Provide a current (within the last 12 months) business credit report. If a business credit report is not available, or if the business is a new entity, a current personal credit report(s) needs to be provided for the President and any stockholder who owns or controls 10% or more of the Corporation or LLC.
     
  8. Trade Name - If a trade name is used, provide proof of the trade name registration from the Maryland Department of Assessments and Taxation. The Maryland Department of Assessments and Taxation can be reached at 410-767-1340. 

Individual or Sole Proprietorship

  1. Experience - A true and correct statement of the business and/or employment. The applicant must have at least three years business experience. Provide a current resume; for each employer listed, include the employer's name and full address, the period of employment with that employer (beginning month/year and ending month/year) the position held, and a description of your duties and responsibilities.
     
  2. Surety Bond - A Surety Bond Form (MSWord document, 35KB, download Word viewer for free) or valid continuation Certificate that runs to the Commissioner in the amount of $12,000, in favor of the State of Maryland. The bond must be "continuous until cancelled."
     
  3. Liquid Asset Letter - Provide a liquid asset letter verified by a financial institution, showing $20,000 in funds to be used by the business. A reviewed or audited financial statement may be substituted for the liquid asset letter.
     
  4. Credit Report - Provide a current (within the last 12 months) business credit report. If a business credit report is not available, or if the business is a new entity, a current personal credit report(s) needs to be provided for the President and any stockholder who owns or controls 10% or more of the Corporation or LLC.
     
  5. Trade Name - If a trade name is used, provide proof of the trade name registration from the Maryland Department of Assessments and Taxation. The Maryland Department of Assessments and Taxation can be reached at 410-767-1340.
 
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