Section 12-430.1 – Reporting and Enforcement of Actions Against Money Transmitters
(a) (1) Notwithstanding Title 4, Subtitles 1 through 5 of the General Provisions Article, and subject to § 12–408.1 of this subtitle, the Commissioner shall report adjudicated enforcement actions against a money transmitter or its authorized delegate and other relevant information to NMLS. (2) The Commissioner shall adopt regulations establishing a process by which a licensee or an […]
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.
Section 12-604 – Limitations on Liability
(a) In a contract governing the use of a safe-deposit box by a customer, the safe-deposit company may limit its total liability for any loss resulting from its negligence to a maximum amount, which may not be less than 500 times the annual rental charged for the safe-deposit box. (b) The safe-deposit company may provide in the […]
Section 12-701 – Supervision and Examination; Application
(a) A financial institution may apply to the Commissioner to be supervised and examined by the Commissioner to the same extent that a banking institution is supervised and examined under Title 5, Subtitle 2 of this article, other than § 5–203, if: (1) The financial institution is a nonstock corporation under Title 5, Subtitle 2 of the […]
Section 12-407 – Applications for Licenses
(a) (1) To apply for a license, an applicant shall: (i) Complete, sign, and submit to the Commissioner an application made under oath in the form, and in accordance with the process, that the Commissioner requires; and (ii) Provide all information that the Commissioner requests. (2) The applicant shall comply with all conditions and provisions of the application for a […]
Section 12-421 – Determination of Compliance With Subtitle
If the Commissioner finds that the books, records, and accounting procedures of a licensee are not adequate to enable the Commissioner to determine whether the licensee is in compliance with this subtitle, the Commissioner may require the licensee to have a certified public accountant audit the licensee for any period of time the Commissioner considers […]
Section 12-408 – Fingerprinting
(a) This section does not apply to any corporation the securities of which are exempt from registration under § 11–601(8) or (12) of the Corporations and Associations Article or any wholly owned subsidiary of the corporation. (b) In connection with an initial application for a license under § 12–407 of this subtitle, and at any other time […]
Section 12-408.1 – Privacy or Confidentiality of Information and Privilege Under Federal or State Law
(a) (1) The requirements under any federal law and Title 4, Subtitles 1 through 5 of the General Provisions Article regarding the privacy or confidentiality of information or material provided to NMLS, and any privilege arising under federal or state law, including the rules of any federal or state court with respect to that information or material, […]