A. Abandonment of Application. For purposes of this regulation and the Maryland Securities Act, Corporations and Associations Article, §11-414, Annotated Code of Maryland, an application is considered abandoned if the applicant has failed to pursue the application for initial registration in a diligent manner.
B. Notice of Proposed Cancellation. Before the Commissioner cancels an application for initial registration because the applicant has abandoned the application, the Commissioner shall send the applicant notice of the proposed cancellation at least 15 days before issuing an order of cancellation. The notice shall be sent by certified mail, return receipt requested, to the last known address of the applicant as specified in the application or correspondence with the Division.
C. Request for Time to Complete Application.
(1) An applicant that receives a notice of proposed cancellation under §B of this regulation may request, before the date of the proposed cancellation, that the application remain pending so that the applicant may complete the application.
(2) An applicant that has requested that an application remain pending shall complete the application within 30 days of the date of the request.
D. Final Action.
(1) If an applicant does not make a timely request for additional time to complete an application after the Commissioner has issued a notice of proposed cancellation under §B of this regulation, the Commissioner may cancel the application as abandoned.
(2) If an applicant that has requested additional time under §C of this regulation fails to complete the application within 30 days, the Commissioner may cancel the application as abandoned.