Section 12-207 – Offices Restricted; Exemption
(a) Except as provided in subsection (b) of this section, a foreign banking corporation may not have an office in this State for any purpose unless: (1) The foreign banking corporation obtains from the Commissioner a permit for the office; or (2) The office is authorized under: (i) The Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 or […]
Section 12-208 – Applications for Permits
(a) To apply for a permit for an office, a foreign banking corporation shall submit to the Commissioner an application on the form that the Commissioner requires. (b) The application shall state: (1) The location of each proposed office; (2) A specific description of the proposed operations; and (3) The services to be performed for the public.
Section 12-209 – Issuance of Permit
On application for a permit, the Commissioner shall issue the permit, if the Commissioner determines that the establishment and operations of the proposed office will not violate any law of this State that applies to banks and banking.
Section 12-210 – Term and Renewal of Permit
(a) A permit expires on the third anniversary of its effective date, unless the permit is renewed for a 3–year term as provided in this section. (b) Before its permit expires, the foreign banking corporation may renew the permit for additional 3–year terms if the foreign banking corporation: (1) At least 30 days before its permit expires submits […]
Section 12-104 – Regulations
The Commissioner may adopt regulations to carry out the provisions of this subtitle.
Section 12-116 – Endorsement of Payment Instrument
Before a licensee deposits a payment instrument in or presents a payment instrument to a financial institution, the licensee shall endorse the payment instrument with the name under which the licensee is licensed to provide check cashing services.
Section 12-104.1 – Credit of Revenue From Licensing and Payment of Fines and Penalties Into Various Funds
(a) All revenue received for the licensing of persons under this subtitle and any other fee 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) of this section, […]
Section 12-105 – Licensing — in General
(a) Except as provided in § 12–102(a) or § 12–105.1 of this subtitle, a person may not provide check cashing services unless the person is licensed under this subtitle or is an exempt entity. (b) A separate license is required for the principal executive office of the license applicant or licensee at which, each branch location at […]
Section 12-105.1 – Check Cashing Services by Annually Registered Business — Requirements
(a) A person may provide check cashing services without obtaining a license under this subtitle by registering each year with the Commissioner under this section if the person: (1) Charges a fee of up to 1.5% or $1, whichever is greater, of the face amount of the payment instrument per payment instrument; (2) Provides check cashing services that […]
Section 12-106 – Licensing — Qualifications
To qualify for a license, an applicant shall satisfy the Commissioner that: (1) The applicant’s business will promote the convenience and advantage of the community in which the applicant’s place of business, or mobile unit, will be located; and (2) The applicant or, if the applicant is not an individual, each of the owners, officers, directors, or […]