Md. Code, Financial Institutions § 7–207

(a) When an applicant for a certificate of authority files the application and pays the application fee required under § 7-206 of this subtitle, the Commissioner shall conduct an investigation to determine if the applicant meets the requirements of § 7-205 of this subtitle.

(b) Unless the Commissioner notifies the applicant that a different time period is necessary, the Commissioner shall approve or deny each application for a certificate of authority within 120 days after the complete application is filed and the application fee is paid.

(c) The Commissioner shall issue a certificate of authority to any applicant who meets the requirements of this subtitle.