Maryland § 18-1703
Full text of Maryland Maryland Code § 18-1703, with citation guidance and answers to common questions.
§ 18-1703.
(a) Except as provided in subsection (b) of this section, an applicant for a transfer of license for a corporation or limited liability company shall certify to the Board that the applicant:
(1) is an officer of the corporation or limited liability company;
(2) meets any other qualification for licensing;
(3) owns at least a 20% interest of the stock of the corporation or a 20% interest in the limited liability company; and
(4) will maintain at least 20% of the stock or at least a 20% interest as long as the applicant is the license holder.
(b) The ownership requirement in subsection (a) of this section does not apply to an applicant for a transfer of a Class BLX license on behalf of a corporation or limited liability company in which:
(1) the stock of the corporation or interest in the limited liability company is authorized for sale by the United States Securities and Exchange Commission; or
(2) a majority of the stock of the corporation or interest in the limited liability company is:
(i) owned or controlled directly or indirectly by one or more corporations or limited liability companies; and
(ii) authorized for sale by the United States Securities and Exchange Commission.
(c) An applicant for a transfer of a license for a corporation or limited liability company shall submit to the Board:
(1) an executed copy of the articles of incorporation or articles of organization; and
(2) except as provided in subsection (d) of this section, a schedule that shows:
(i) for each stockholder holding at least 5% of the stock of a corporation, the name, address, and percentage of stock held; or
(ii) for each member holding at least a 5% interest in a limited liability company, the name, address, and percentage of interest held.
(d) The schedule requirement under subsection (c)(2) of this section does not apply if the stock of the corporation or interest in the limited liability company is authorized for sale by the United States Securities and Exchange Commission.
Frequently Asked Questions About Maryland § 18-1703
What does Maryland Code § 18-1703 cover?
Section 18-1703 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 18-1703?
A common citation format is "Maryland Code § 18-1703" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 18-1703 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.