Section 12-708 – Assessments
(a) The Commissioner, not more often than once per year, may impose annual assessments on each financial institution supervised and examined by the Commissioner under this subtitle, to cover the expense of supervising and examining that financial institution. (b) (1) The Commissioner may assess each financial institution the sum of: (i) $1,000; plus (ii) 8 cents for each $1,000 of […]
Section 12-910 – Investigation; Time Period; Issuance; Denial
(a) After an applicant for a license files a complete application, files a surety bond, and pays the license and investigation fees required under this subtitle, the Commissioner shall investigate the facts relevant to the application to determine if the applicant meets the requirements of this subtitle. (b) Unless the Commissioner notifies an applicant that a different […]
Section 12-709 – Regulations
The Commissioner may adopt regulations to carry out the provisions of this subtitle.
Section 12-911 – Contents of License; Authorization; Transfer; Display; Notice on Website
(a) (1) Each license provided for through NMLS shall include the following information: (i) The name of the licensee; (ii) The address of the location at which the business is to be conducted; and (iii) The unique identifier of the licensee. (2) The unique identifier of the licensee shall constitute the license number for the license. (b) A license authorizes the licensee […]
Section 12-801 – Purpose
It is the purpose of this subtitle to require certain reports and records of transactions involving currency where the reports and records have a high degree of usefulness in criminal investigations or proceedings which pertain to the subject of the report.
Section 12-802 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Currency” means currency and coin of the United States or any other country. (c) “Department” means the Maryland Department of Labor. (d) (1) “Financial institution” means: (i) A national banking association; (ii) A State banking institution; (iii) A credit union that is organized under the laws of this State or of […]
Section 12-803 – Reports of Transactions in Excess of $10,000
(a) A financial institution shall keep a record of currency transactions in excess of $10,000 and shall file with the Department within 15 days of the date of the transaction pursuant to regulations adopted by the Secretary a complete report of currency transactions in excess of $10,000. (b) The reporting requirements of this section are complied with […]
Section 12-431 – Short Title
This subtitle may be cited as the Maryland Money Transmission Act.
Section 12-602 – Access by Fiduciaries to Safe-Deposit Boxes
(a) In this section, “fiduciary” includes the fiduciary’s successor. (b) Except as provided in subsection (c) of this section, if a safe-deposit company rents a safe-deposit box to a fiduciary, the safe-deposit company may not permit access to the safe-deposit box: (1) By any person other than the fiduciary; and (2) If the safe-deposit box is rented to two […]
Section 12-603 – Access to Search for Lessee’s Will
If the lessee of a safe-deposit box dies and, before a personal representative for the lessee’s estate has been appointed, a person wishes to open the safe-deposit box to search for the lessee’s will, a representative of the safe-deposit company shall be present when the safe-deposit box is opened.