(a) Beginning March 15, 2024, a student financing company shall register with the Commissioner as a student financing company before providing services in the State. (b) An application for registration shall include: (1) The student financing company’s name; (2) The student financing company’s address; (3) The name of all officers, directors, partners, and owners of controlling interests of the student financing company; (4) The addresses of all officers, directors, partners, and owners of controlling interests in the student financing company; and (5) Any other information that the Commissioner requires by regulation. (c) A student financing company shall renew its registration on an annual basis, and may be required to pay a fee at the time of renewal. (d) The Commissioner may adopt and enforce: (1) Registration procedures for student financing companies, which may include the use of NMLS; (2) Registration fees for student financing companies, which may include fees for the use of NMLS, to be paid directly by the student financing company; (3) Procedures and fees for renewing a student financing company’s registration, which may include fees for the renewed use of NMLS, to be NMLS, to be paid directly by the student financing company; (3) Procedures and fees for renewing a student financing company’s registration, which may include fees for the renewed use of NMLS, to be paid directly by the student financing company; and (4) Alternate registration procedures and fees for institutions of postsecondary education that offer student financing products.
Maryland Legal Code