Section 12-422 – Voluntary Surrender of License
(a) (1) A licensee may surrender a license through NMLS in accordance with the process that the Commissioner requires. (2) The statement shall provide a listing, by identifying number, face amount, and place of issue, of all outstanding money transmissions, and the reasons for the license surrender. (b) The surrender of a license does not: (1) Affect any civil or […]
Section 12-423 – Investigatory Powers of Commissioner
(a) To discover any violations of this subtitle or to obtain any information required by this subtitle, the Commissioner at any time may investigate the business of: (1) Any licensee; (2) Any person who is engaged or participating in the business of money transmission, whether as authorized delegate, principal, agent, or otherwise; and (3) Any other person who the […]
Section 12-424 – Examinations
(a) The Commissioner may conduct an on–site examination of a licensee or authorized delegate with not less than 7 business days prior notice. (b) With good cause, the Commissioner may conduct an on–site examination of a licensee or authorized delegate with no prior notice. (c) The licensee shall pay all reasonably incurred costs of an examination conducted under […]
Section 12-425 – Required Records
(a) Each licensee shall make and preserve the following books, accounts, and records for a period of at least 3 years: (1) A record of each money transmission conducted; (2) A general ledger containing all assets, liability, capital, income, and expense accounts, which general ledger shall be posted at least monthly; (3) Settlement sheets received from each authorized delegate; […]
Section 12-426 – Violations
(a) Subject to the hearing provisions of § 12-428 of this subtitle, the Commissioner may suspend or revoke the license of any licensee if: (1) The licensee or any owner, director, officer, member, coventurer, partner, stockholder, employee, or agent of the licensee: (i) Makes any material misstatement in an application for a license; (ii) Conducts the business of money […]
Section 12-427 – Persons Subject to Enforcement
A money transmitter is subject to the enforcement provisions of §§ 2–114 through 2–116 of this article if the money transmitter: (1) Is not licensed under this subtitle; or (2) Is not an authorized delegate of a licensee.
Section 12-428 – Hearings
(a) Before the Commissioner denies an application for a license under § 12-409 of this subtitle or takes any action under § 12-426 of this subtitle, the Commissioner shall give the applicant or licensee an opportunity for a hearing. (b) Notice of the hearing shall be given and the hearing shall be held in accordance with the […]
Section 12-429 – Enforcement of Subtitle
The State’s Attorney for the county in which the violation occurs or the Attorney General may prosecute any violation of this subtitle.
Section 12-430 – Penalties
Any person who knowingly and willfully violates any provision of this subtitle is guilty of a felony and on conviction is subject to a fine not exceeding $1,000 for the first violation and not exceeding $5,000 for each subsequent violation or imprisonment not exceeding 5 years or both.
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 […]