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 […]
Section 12-431 – Short Title
This subtitle may be cited as the Maryland Money Transmission Act.
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 […]