A Maryland corporation applies for a lender license in 2026 and asks whose experience counts. Whose qualifying experience may satisfy the corporate applicant requirement?
Correct Answer
D) At least one principal officer or member needs the 3 years
If the applicant is a business entity of any other kind, type or classification, at least one of the principal officers or members shall have the required experience. Other choices: the entity own history is not the test; directors as a body are not named; and branch managers are not the measure. Source: Md. Fin. Inst. § 11-506(b)(4)
Why This Is the Correct Answer
If the applicant is a business entity of any other kind, type or classification, at least one of the principal officers or members shall have the required experience. Other choices: the entity own history is not the test; directors as a body are not named; and branch managers are not the measure. Source: Md. Fin. Inst. § 11-506(b)(4)
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