Maryland Code, STATE GOVERNMENT 9-1A-19

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Maryland Code, STATE GOVERNMENT 9-1A-19

Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See

(a) Except as provided in subsection (b) of this section, a license issued under this subtitle may not be:

(1) transferred or assigned to another person; or

(2) pledged as collateral.

(b) (1) A licensee may not sell or otherwise transfer more than 5% of the legal or beneficial interests of the licensee unless:

(i) the licensee notifies the Commission of the proposed sale or transfer;

(ii) the Commission determines that the proposed buyer or transferee meets the requirements of this subtitle; and

(iii) the transfer is consistent with the policies and intent of § 9-1A-18 of this subtitle.

(2) Unless the Commission needs a longer time to determine whether the proposed buyer or transferee meets the requirements of this subtitle, if the requirements of paragraph (1) of this subsection are not satisfied, a license issued under this subtitle is automatically revoked 90 days after the sale or transfer.

Previous section

Next section

Subtitle 1A Contents