reglab/housing_qa huggingface dataset:
MD. Corporations and Associations Code Ann. §  11-303 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 3 - Fraudulent and Other Prohibited Practices|Section 11-303 - Misleading Filings

    It is unlawful for any person to make or cause to be made, in any document filed with the Commissioner or in any proceeding under this title, any statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.
MD. Corporations and Associations Code Ann. §  11-304 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 3 - Fraudulent and Other Prohibited Practices|Section 11-304 - Unlawful Representations Concerning Registration, Notice Filing, or Exemption

    (a)    (1)    Neither the fact that an application for registration under Subtitle 4 of this title or a registration statement or notice filing under Subtitle 5 of this title has been filed, nor the fact that a person or security is effectively registered constitutes a finding by the Commissioner that any document filed under this title is true, complete, and not misleading.        (2)    Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the Commissioner has passed in any way on the merits or qualifications of, or has recommended or given approval to, any person, security, or transaction.    (b)    It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with subsection (a) of this section.
MD. Corporations and Associations Code Ann. §  11-305 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 3 - Fraudulent and Other Prohibited Practices|Section 11-305 - Senior Investment Protection

    (a)    It is unlawful for any person to use a senior or retiree credential or designation in a way that is or would be misleading in connection with:        (1)    The offer, sale, or purchase of securities;        (2)    Receiving, directly or indirectly, any consideration from another person for advising the other person as to the value of securities or their purchase or sale; or        (3)    Acting as a broker–dealer, agent, investment adviser, or investment adviser representative.    (b)    The Commissioner by rule or order shall define what constitutes a misleading use of a senior or retiree credential or designation for purposes of subsection (a) of this section.    (c)    A violation of a rule or order adopted under subsection (b) of this section also constitutes a dishonest or unethical practice for purposes of § 11–302(a)(3) of this subtitle and § 11–412(a)(7) of this title.    (d)    The Commissioner by rule or order may provide exemptions from subsections (a) and (c) of this section, where such exemptions are consistent with the public interest and within the purposes fairly intended by the policy and provisions of this title.    (e)    This section does not limit any powers of the Commissioner granted under this title.
MD. Corporations and Associations Code Ann. §  11-306 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 3 - Fraudulent and Other Prohibited Practices|Section 11-306 - Dishonest or Unethical Practices by Broker-Dealer or Agent Prohibited

    A person who engages in the business of effecting transactions in securities for the account of others or for the person’s own account or who acts as a broker–dealer or agent may not engage in dishonest or unethical practices in the securities or investment advisory business.
MD. Corporations and Associations Code Ann. §  11-401 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-401 - Transaction of Business by Unregistered Person Unlawful

    (a)    Except as provided in subsection (d) of this section, a person may not transact business in this State as a broker–dealer or agent unless the person is registered under this subtitle.    (b)    A person may not transact business in this State as an investment adviser or as an investment adviser representative unless:        (1)    The person is registered as an investment adviser or an investment adviser representative under this subtitle; or        (2)    The person’s only clients in this State are investment companies as defined in the Investment Company Act of 1940, or insurance companies; or        (3)    The person has no place of business in this State; and            (i)    The person’s only clients in this State are investment companies as defined in the Investment Company Act of 1940, other investment advisers, federal covered advisers, broker-dealers, banks, trust companies, savings and loan associations, insurance companies, employee benefit plans with assets of not less than $1,000,000, and governmental agencies or instrumentalities, whether acting for themselves or as trustees or fiduciaries with investment control, or other institutional investors as are designated by rule or order of the Commissioner; or            (ii)    During the preceding 12-month period, the person has had no more than five clients who:                1.    Are residents of the State; and                2.    Are not the types of clients described in item (i) of this paragraph.    (c)    A federal covered adviser may not conduct advisory business in this State unless the federal covered adviser conducts the advisory business in accordance with § 11-405(b) of this subtitle or subsection (b)(2) or (3) of this section.    (d)    A person that transacts business in this State as a federal exempt broker–dealer is not required to register under subsection (a) of this section.    (e)    By rule or order, the Commissioner may modify the requirements of this section or exempt any broker–dealer, investment adviser, or federal covered adviser from the requirements of this section if the Commissioner determines that:        (1)    Compliance with this section is not necessary or appropriate for the protection of investors; and        (2)    The exemption is consistent with the public interest and within the purposes fairly intended by the policy and provisions of this title.
MD. Corporations and Associations Code Ann. §  11-403 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-403 - Expiration

    Unless sooner terminated under other provisions of this title, the registration of each broker-dealer, agent, investment adviser, and investment adviser representative and the notice filing of each federal covered adviser expires December 31, unless renewed.
MD. Corporations and Associations Code Ann. §  11-404 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-404 - Agent or Representative Terminating Connection With Broker-Dealer, Issuer, or Investment Representative; Beginning Connection With Another Principal

    (a)    (1)    The registration of an agent expires when the agent terminates a connection with a registered broker-dealer or with an issuer.        (2)    The registration of an investment adviser representative expires when the representative terminates a connection with:            (i)    An investment adviser registered under this subtitle; or            (ii)    A federal covered adviser subject to notice filing under § 11-405(b) of this subtitle.    (b)    (1)    When a person who is currently registered as an agent under this subtitle begins a connection with another broker-dealer or issuer, the person shall file an application for initial registration as provided in § 11-405 of this subtitle and shall pay the fee required by § 11-407 of this subtitle.        (2)    When a person who is currently registered as an investment adviser representative under this subtitle begins a connection with another investment adviser or federal covered adviser, the person shall file an application for initial registration as provided in § 11-405 of this subtitle and pay the fee required by § 11-407 of this subtitle.    (c)    Unless the Commissioner takes action under §§ 11-412 through 11-414 of this subtitle to deny or suspend the registration, the agent or investment adviser representative registration shall become effective 30 days after receipt of the application by the Commissioner and shall continue in effect until it expires under the provisions of § 11-403 of this subtitle or under the provisions of this section, whichever would occur earlier. The Commissioner may waive the 30-day period or any portion of it at the Commissioner’s discretion.
MD. Corporations and Associations Code Ann. §  11-406 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-406 - Renewal Registration

    (a)    A broker-dealer or investment adviser may obtain a renewal registration by filing with the Commissioner or any entity the Commissioner designates by rule or order an application containing whatever information the Commissioner by rule requires to keep current the information contained in the application for initial registration.    (b)    A broker-dealer or issuer may obtain a renewal registration for the agents associated with it by filing with the Commissioner or any entity the Commissioner designates by rule or order an application containing the names of the agents associated with it and a certification that, to the best knowledge, information, and belief of the broker-dealer or issuer:        (1)    There has been no change in the information contained in the agents’ applications for the registration then currently in effect; or        (2)    If there has been any such change, specifying the change.    (c)    A federal covered adviser who has filed a notice under § 11-405(b) of this subtitle or an investment adviser may obtain a renewal registration for the investment adviser representatives associated with it by filing with the Commissioner or any entity the Commissioner designates by rule or order an application containing the names of the representatives associated with it and a certification that, to the best knowledge, information, and belief of the federal covered adviser or the investment adviser:        (1)    There has been no change in the information contained in the investment adviser representatives’ applications for the registration currently in effect; or        (2)    If there has been any such change, specifying the change.    (d)    An application for renewal registration is effective on receipt by the Commissioner of the proper application and fee or on the expiration of the previous registration, whichever date is later.
MD. Corporations and Associations Code Ann. §  11-407 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-407 - Filing Fee

    (a)    (1)    An applicant for initial or renewal registration as a broker–dealer shall pay a fee of $250.        (2)    (i)    An applicant for initial or renewal registration or transfer of registration as an agent shall pay a fee of $50.            (ii)    From the fee paid under this paragraph, $15 shall be distributed to the Securities Act Registration Fund established under § 11–208 of this title.    (b)    (1)    An applicant for initial or renewal registration as an investment adviser shall pay a fee of $300.        (2)    A federal covered adviser filing notice under § 11–405(b) of this subtitle shall pay an initial fee of $300 and a renewal fee of $300.        (3)    A private fund adviser filing notice under § 11–405(c) of this subtitle shall pay an initial fee of $300 and a renewal fee of $300.        (4)    An applicant for initial or renewal registration or transfer of registration as an investment adviser representative shall pay a fee of $50.    (c)    The Commissioner by rule may waive or reduce for any class of applicant the application of the fee requirements set forth in subsection (b) of this section.    (d)    If an application is denied or an application or notice filing is withdrawn, the Commissioner shall retain the fee.
MD. Corporations and Associations Code Ann. §  11-408 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-408 - Successors

    (a)    A registered broker-dealer or investment adviser may file an application for registration of a successor, whether or not the successor is then in existence, for the unexpired portion of the year. There is no fee.    (b)    The registration of a predecessor remains effective as the registration of a successor for 60 days after the succession, if:        (1)    A broker-dealer or investment adviser succeeds to and continues the business of a registered broker-dealer or investment adviser; and        (2)    The successor files an application for registration within 30 days after the succession.    (c)    A federal covered adviser who has filed a notice under § 11-405(b) of this subtitle may file a notice filing of a successor for the unexpired portion of the year, whether or not the successor is in existence at the time of the filing. There is no fee.    (d)    The notice filing of a federal covered adviser stands as the notice filing of a successor for 60 days after the succession if:        (1)    The federal covered adviser succeeds to and continues the business of a federal covered adviser that has filed a notice under § 11-405(b) of this subtitle; and        (2)    The successor files a notice filing within 30 days after the succession.    (e)    (1)    Each registered agent of a broker-dealer and each registered representative of an investment adviser whose successor is registered in accordance with subsection (a) or (b) of this section shall continue to be registered in accordance with rules that the Commissioner adopts.        (2)    A registered investment adviser representative of a federal covered adviser whose successor has filed in accordance with subsection (d) of this section shall continue to be registered in accordance with rules that the Commissioner adopts.
MD. Corporations and Associations Code Ann. §  11-409 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-409 - Capital and Financial Requirements

    (a)    The Commissioner may require by rule or order:        (1)    A minimum capital for a registered broker-dealer, subject to the limitations of § 15 of the Securities Exchange Act of 1934; and        (2)    Minimum financial requirements for an investment adviser, subject to the limitations of § 222 of the Investment Advisers Act of 1940.    (b)    These financial requirements may include different requirements for those investment advisers who maintain custody of clients’ funds or securities, or who require payment more than 6 months in advance of fees in excess of $500, and those investment advisers who do not.
MD. Corporations and Associations Code Ann. §  11-410 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-410 - Surety

    (a)    (1)    The Commissioner may require by rule or order a registered broker-dealer or agent to post a bond or deposit cash or any other equivalent form of security in amounts that the Commissioner may require.        (2)    The Commissioner’s authority to adopt rules or issue orders under paragraph (1) of this subsection is subject to the limitations of § 15 of the Securities Exchange Act of 1934.        (3)    The Commissioner may require by rule or order a registered investment adviser or representative who has custody of client funds or securities or requires payments of more than 6 months in advance of fees in excess of $500 to post a bond or deposit cash or any other equivalent form of security in amounts that the Commissioner requires.        (4)    The Commissioner’s authority to adopt rules or issue orders under paragraph (3) of this subsection is subject to the limitations of § 222 of the Investment Advisers Act of 1940.    (b)    The condition of such bond or equivalent form of security shall be that the registrant will comply with the provisions of this title and the rules and regulations issued under this title.    (c)    The bond or equivalent form of security may be drawn to cover the original registration and any renewals of the registration.    (d)    Every bond or equivalent form of security shall provide that:        (1)    A suit may not be maintained to enforce any liability on the bond or equivalent form of security unless brought within two years after the contract of sale or other act on which the suit is based; and        (2)    The liability of the surety on each bond or equivalent form of security to all persons aggrieved may not in any event exceed in the aggregate the penal sum of the bond.
MD. Corporations and Associations Code Ann. §  11-413 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-413 - Summary Postponement or Suspension

    (a)    The Commissioner by order summarily may postpone or suspend registration pending final determination of any proceeding under § 11-412 of this subtitle.    (b)    On the entry of the order, the Commissioner promptly shall notify the applicant or registrant, as well as the employer or prospective employer if the applicant or registrant is an agent or investment adviser representative:        (1)    That it has been entered;        (2)    The reasons for its entry; and        (3)    That within 15 days after the receipt of a written request the matter will be set down for hearing.    (c)    (1)    If a hearing is not requested and one is not ordered by the Commissioner, the order will remain in effect until it is modified or vacated by the Commissioner.        (2)    If a hearing is requested or ordered, the Commissioner, after notice and opportunity for hearing, may modify or vacate the order or extend it until final determination.
MD. Corporations and Associations Code Ann. §  11-414 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-414 - Cancellation of Registration or Application; Abandonment of Notice Filing

    (a)    By order, the Commissioner may cancel a registration or application, if the Commissioner finds that the applicant or registrant:        (1)    Has abandoned the application;        (2)    Is no longer in existence;        (3)    Has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative;        (4)    Is subject to an adjudication of mental incompetence or the control of a committee, conservator, or guardian; or        (5)    Cannot be located after reasonable search.    (b)    The Commissioner may deem abandoned a notice filing that a federal covered adviser has filed under § 11-405 of this subtitle, if the Commissioner finds that the federal covered adviser:        (1)    Has abandoned the notice filing;        (2)    Is no longer in existence;        (3)    Has ceased to do business as a federal covered adviser;        (4)    Is subject to adjudication of mental incompetence or to the control of a committee, conservator, or guardian; or        (5)    Cannot be located after a reasonable search.
MD. Corporations and Associations Code Ann. §  11-415 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-415 - Withdrawal From Registration

    (a)    Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 90 days after receipt of an application to withdraw or within any shorter period of time which the Commissioner determines, unless:        (1)    A revocation or suspension proceeding is pending when the application is filed; or        (2)    A proceeding to revoke, suspend, or impose conditions on the withdrawal is instituted within 90 days after the application is filed.    (b)    If a proceeding is pending or instituted, withdrawal becomes effective at the time and on the conditions the Commissioner by order determines.    (c)    If no proceeding is pending or instituted and withdrawal automatically becomes effective, the Commissioner nevertheless may institute a revocation or suspension proceeding under § 11-412(a)(2) of this subtitle within 2 years after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective.
MD. Corporations and Associations Code Ann. §  11-416 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-416 - Prerequisites to Order

    An order may not be entered under any part of §§ 11-412 through 11-415 of this subtitle, except § 11-413(a), without:         (1)    Appropriate prior notice to the applicant or registrant, or person submitting a notice filing, as well as the employer or prospective employer if the applicant or registrant is an agent or investment adviser representative;        (2)    Opportunity for hearing; and        (3)    Written findings of fact and conclusions of law.
MD. Corporations and Associations Code Ann. §  11-417 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers|Section 11-417 - Fine for Violation of Title

    On notice and hearing as provided in § 11-416 of this subtitle, the Commissioner may fine any broker-dealer, agent, investment adviser, or investment adviser representative up to a maximum amount of $5,000 for any single violation of this title.
MD. Corporations and Associations Code Ann. §  11-501 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 11 - Maryland Securities Act|Subtitle 5 - Registration of Securities|Section 11-501 - Registration Requirement

    A person may not offer or sell any security in this State unless:         (1)    The security is registered under this title;        (2)    The security or transaction is exempted under Subtitle 6 of this title; or        (3)    The security is a federal covered security.