Section 12-702 – Qualification
To qualify for supervision and examination, the applicant shall satisfy the Commissioner that the applicant: (1) Is trustworthy and reputable; (2) Has a good business reputation; and (3) Has sufficient business experience, moral character, financial responsibility, and genuine fitness to: (i) Command the confidence of the public; and (ii) Warrant the belief that the business will be operated lawfully, honestly, […]
Section 12-422 – Voluntary Surrender of License
(a) (1) A licensee may surrender a license through NMLS in accordance with the process that the Commissioner requires. (2) The statement shall provide a listing, by identifying number, face amount, and place of issue, of all outstanding money transmissions, and the reasons for the license surrender. (b) The surrender of a license does not: (1) Affect any civil or […]
Section 12-703 – Form of Application; Fee
(a) (1) To apply for supervision and examination under this subtitle, an applicant shall sign and submit to the Commissioner a verified application on the form that the Commissioner requires. (2) The applicant shall comply with all conditions and provisions within the application. (3) The applicant shall submit any other information that the Commissioner may require. (b) With the application, […]
Section 12-423 – Investigatory Powers of Commissioner
(a) To discover any violations of this subtitle or to obtain any information required by this subtitle, the Commissioner at any time may investigate the business of: (1) Any licensee; (2) Any person who is engaged or participating in the business of money transmission, whether as authorized delegate, principal, agent, or otherwise; and (3) Any other person who the […]
Section 12-704 – Reporting Requirements
Any financial institution supervised and examined under this subtitle shall be subject to the same reporting requirements as a banking institution under Title 5, Subtitle 2 of this article, other than § 5-208.
Section 12-424 – Examinations
(a) The Commissioner may conduct an on–site examination of a licensee or authorized delegate with not less than 7 business days prior notice. (b) With good cause, the Commissioner may conduct an on–site examination of a licensee or authorized delegate with no prior notice. (c) The licensee shall pay all reasonably incurred costs of an examination conducted under […]
Section 12-705 – Termination of Power to Supervise and Examine
(a) If the Commissioner believes that a financial institution supervised and examined under this subtitle has engaged in an unsafe or unsound banking practice, or has failed to comply with the law, the Commissioner shall send a warning to the financial institution. (b) If the Commissioner finds that the financial institution has continued to engage in the […]
Section 12-425 – Required Records
(a) Each licensee shall make and preserve the following books, accounts, and records for a period of at least 3 years: (1) A record of each money transmission conducted; (2) A general ledger containing all assets, liability, capital, income, and expense accounts, which general ledger shall be posted at least monthly; (3) Settlement sheets received from each authorized delegate; […]
Section 12-426 – Violations
(a) Subject to the hearing provisions of § 12-428 of this subtitle, the Commissioner may suspend or revoke the license of any licensee if: (1) The licensee or any owner, director, officer, member, coventurer, partner, stockholder, employee, or agent of the licensee: (i) Makes any material misstatement in an application for a license; (ii) Conducts the business of money […]
Section 12-427 – Persons Subject to Enforcement
A money transmitter is subject to the enforcement provisions of §§ 2–114 through 2–116 of this article if the money transmitter: (1) Is not licensed under this subtitle; or (2) Is not an authorized delegate of a licensee.