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Sales Finance Company License Requirements - Financial Regulation

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


Corporation/LLC

  1. Principal Officer Information - A list of names, business and residence addresses, and telephone numbers of all principal officers and directors.
     
  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. A current resume, which should include position held, duties and responsibilities, and beginning and ending dates.
     
  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. Financial Statement - A current (within the last 12 months) reviewed or audited financial statement by a public accounting firm or CPA, including assets, liabilities, net worth, and income. Corporations or LLC's that do not otherwise have access to an audited or reviewed financial statement may submit an Accountants' Compilation Report that must be certified by the CEO as true and accurate and must be notarized. If the business is a new entity, the following is acceptable: a balance sheet for the entity by a public accounting firm or CPA and current personal financial statement(s) for the President and any stockholder who owns or controls 10% or more of the Corporation or LLC. The personal financial statement must be notarized and contain a statement, attesting that the information is true.
     
  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. If a trade name is used, provide proof of the trade name from Maryland Department of Assessment and Taxation. The Maryland Department of Assessment and Taxation can be reached at 410-767-1340.

Partnership, Limited Liability Partnership, or Unincorporated Association

  1. Principal Officer Information - A list of names, business and residence addresses, and telephone numbers of all principal officers and directors.
     
  2. Experience - A true and correct statement of the business and/or employment for each of the general partners, co-venturers, or association members. A current resume, which should include position held, duties and responsibilities, and beginning and ending dates.
     
  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. Financial Statement - A current (within the last 12 months) reviewed or audited financial statement by a public accounting firm or CPA, including assets, liabilities, net worth, and income. Corporations or LLC's that do not otherwise have access to an audited or reviewed financial statement may submit an Accountants' Compilation Report that must be certified by the CEO as true and accurate and must be notarized. If the business is a new entity, the following is acceptable: a balance sheet for the entity by a public accounting firm or CPA and current personal financial statement(s) for the President and any stockholder who owns or controls 10% or more of the Corporation or LLC. The personal financial statement must be notarized and contain a statement, attesting that the information is true.
     
  6. 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.
     
  7. If a trade name is used, provide proof of the trade name from Maryland Department of Assessment and Taxation. The Maryland Department of Assessment 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 - The surety bond forms are accessible here:   MD Consumer Lender Licensee Surety Bond Form (Word) and MD Installment Loan Lenders Licensee Surety Bond Form (Word).
     
  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.