(a) Before using a trade name to engage in any activity requiring a license or registration from the Commissioner or the State Collection Agency Licensing Board, the licensed or registered person shall:

(1) Register the trade name with the State Department of Assessments and Taxation; and

(2) Obtain the approval of the Commissioner, or the State Collection Agency Licensing Board if licensed by the Board, to use the trade name by:

(i) Designating on an original license or registration application or on a license or registration renewal application through NMLS the trade name under which the licensed or registered person will engage in licensed activity in the State; or

(ii) If the person wishes to begin using a trade name before renewing a license or registration, notifying the Commissioner, or the State Collection Agency Licensing Board if licensed by the Board, in writing by listing the trade name in the person’s NMLS record.

(b) After receiving approval from the Commissioner or from the State Collection Agency Licensing Board if licensed by the Board for the use of a trade name, the licensed or registered person shall:

(1) Maintain registration of the trade name in accordance with § 1-406 of the Corporations and Associations Article and any implementing regulations;

(2) List the trade name in NMLS; and

(3) Immediately notify the Commissioner, or the State Collection Agency Licensing Board if licensed by the Board, if the person amends, cancels, or otherwise fails to renew the registration of the trade name.