Section 12-416 – Reports to Commissioner
(a) A licensee shall submit to NMLS a call report once each quarter on the date, in the form, and containing the information that NMLS requires. (b) (1) Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the Commissioner describing the event and its expected impact on […]
Section 12-417 – Compliance With Federal and State Laws
A licensee shall comply with all federal and State laws and regulations concerning the business of money transmission, money laundering, and abandoned property.
Section 12-404 – Credit of Revenue From Licensing and Payment of Fines and Penalties Into Various Funds
(a) All revenue received for the licensing of money transmitters under this subtitle and any other fee, examination assessment, or revenue received by the Commissioner under this subtitle shall be: (1) Credited to the Nondepository Special Fund established under § 11–610 of this article; and (2) Used in accordance with § 11–610(c) of this article. (b) Notwithstanding subsection (a) […]
Section 12-418 – Required Permissible Investments; Segregation of Money by Authorized Delegate
(a) (1) Subject to paragraph (2) of this subsection, a licensee shall have at all times permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding money transmissions conducted by the licensee in the United States. (2) The requirement imposed under paragraph […]
Section 12-405 – License Required
(a) A person may not engage in the business of money transmission if that person, or the person with whom that person engages in the business of money transmission, is located in the State unless that person: (1) Is licensed by the Commissioner; (2) Is an authorized delegate of a licensee under whose name the business of money […]
Section 12-419 – Issuance of Duplicate Payment Instruments
(a) The original buyer of a payment instrument may request a duplicate of the instrument if the request is: (1) In writing; and (2) If required by the licensee, accompanied by: (i) An affidavit that gives the reason for the request and states the facts relating to the loss of or other failure to produce the original payment instrument; […]
Section 12-406 – Qualifications of Applicant for License
(a) To qualify for a license, an applicant shall satisfy the Commissioner that the applicant: (1) Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to: (i) Engage in the business of money transmission; (ii) Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and […]
Section 12-420 – Redemption of Unused Payment Instruments
Except as permitted by § 17-308.1 of the Commercial Law Article, a licensee or its authorized delegate may charge a service fee, not to exceed $5, to any original buyer who redeems an unused payment instrument.
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 […]