(a) This subtitle does not apply to check cashing services: (1) In which a customer presents a payment instrument for the exact amount of a purchase; or (2) Involving foreign currency exchange services or the cashing of a payment instrument drawn on a financial institution other than a federal, State, or other state financial institution. (b) (1) This subtitle does […]
(a) This subtitle does not apply to: (1) Any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under the laws of this State or the United States that maintains its principal office in this State; (2) Any out-of-state bank, as defined in § 5-1001 of this article, having a branch that […]
The Commissioner may adopt regulations to carry out the provisions of this subtitle.
(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, […]
(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 […]
(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 […]
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 […]
(a) In connection with an initial application for a license under this subtitle, and at any other time the Commissioner requires, an applicant or licensee shall provide fingerprints, as directed by the Commissioner, to NMLS for use by the Federal Bureau of Investigation to conduct a criminal history records check. (b) An applicant or licensee required under […]
(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, […]
(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 the information that the Commissioner requests. (2) The application shall include: (i) The applicant’s name, the applicant’s principal executive office address, […]
(a) When an applicant for a license files the application and pays the fees required by § 12–108 of 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 and an applicant agree in writing to extend the time, the […]
(a) (1) Each license provided for through NMLS shall include the following information: (i) The name of the licensee; (ii) 1. The address of the location at which check cashing services will be provided; or 2. If the license is for a mobile unit, the vehicle identification number of the mobile unit and the geographic area in which check cashing services […]
(a) A licensee may surrender a license through NMLS in accordance with the process that the Commissioner requires. (b) If a license is surrendered voluntarily, or is suspended or revoked, the Commissioner may not refund any part of the license fee regardless of the time remaining in the license term. (c) The surrender of a license does not […]
(a) An initial license term shall: (1) Begin on the date the license is issued; and (2) Expire on December 31 of the year: (i) In which the license is issued, if the license is issued before November 1; or (ii) Immediately following the year in which the license is issued, if the license is issued on or after November […]
(a) A license is not transferable. (b) (1) Each licensee shall conspicuously post, in 48 point or larger type, at the licensee’s licensed location or mobile unit the following information: (i) The licensee’s unique identifier; and (ii) A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee. (2) Each licensee […]
A licensee may not change the location for which a license is issued unless the licensee: (1) Provides to the Commissioner, in the form and in accordance with the process that the Commissioner requires, notice of the proposed change; and (2) Receives the consent of the Commissioner through NMLS prior to the change.
(a) A licensee shall keep the books and records that the Commissioner requires to determine compliance with this subtitle. (b) Unless a longer period is expressly required by State or federal law, a licensee shall retain the records required under this subtitle for a period of at least 2 years. (c) A licensee may retain the records required […]
(a) At any time and as often as the Commissioner considers appropriate, the Commissioner may investigate the records and business operations of a licensee or a person who acts on behalf of a licensee. (b) For the purposes of this section, the Commissioner: (1) Shall be given access to any books, papers, records, safes, or vaults of the […]
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.
A licensee shall comply with all federal and State laws concerning money laundering.
