Section 12-113 – Change of Location
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.
Section 12-102 – Applicability of Subtitle — in General
(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 […]
Section 12-114 – Books and Records — Retention
(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 […]
Section 12-103 – Applicability of Subtitle — Exempt Entities
(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 […]
Section 12-115 – Books and Records — Investigation of Records
(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 […]
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 […]