Section 12-431 – Short Title
This subtitle may be cited as the Maryland Money Transmission Act.
Section 12-407 – Applications for Licenses
(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 information that the Commissioner requests. (2) The applicant shall comply with all conditions and provisions of the application for a […]
Section 12-421 – Determination of Compliance With Subtitle
If the Commissioner finds that the books, records, and accounting procedures of a licensee are not adequate to enable the Commissioner to determine whether the licensee is in compliance with this subtitle, the Commissioner may require the licensee to have a certified public accountant audit the licensee for any period of time the Commissioner considers […]
Section 12-408 – Fingerprinting
(a) This section does not apply to any corporation the securities of which are exempt from registration under § 11–601(8) or (12) of the Corporations and Associations Article or any wholly owned subsidiary of the corporation. (b) In connection with an initial application for a license under § 12–407 of this subtitle, and at any other time […]
Section 12-408.1 – Privacy or Confidentiality of Information and Privilege Under Federal or State Law
(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, […]
Section 12-409 – Investigation of Application; Issuance or Denial of License
(a) After the filing of a complete application, the Commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. (b) (1) Unless the Commissioner notifies the applicant that a different time period is necessary, the Commissioner shall approve or deny each application for a license within 60 days after […]
Section 12-410 – Contents and Scope of Licenses; Additional Licenses
(a) (1) Each license provided for through NMLS shall include the following information: (i) The name of the licensee; (ii) The trade name of the licensee; (iii) The address at which the business is to be conducted; and (iv) The unique identifier of the licensee. (2) The unique identifier of the licensee shall constitute the license number for the license. (b) (1) A license […]
Section 12-411 – Term and Renewal of Licenses
(a) Subject to any regulations the Commissioner adopts in connection with the transition to NMLS, an initial license term shall: (1) Begin on the day the license is issued; and (2) Expire on December 31 of the year: (i) The license is issued, if the license is issued before November 1; or (ii) Succeeding the year that the license is […]
Section 12-412 – Required Bond or Permissible Investments
(a) In this section, “trust company” has the meaning stated in § 1–101 of the Estates and Trusts Article. (b) (1) With an application for a new license, an applicant shall file a surety bond with the Commissioner. (2) The bond shall run to the Commissioner, as obligee, for the benefit of: (i) The State; and (ii) Any individual who has […]
Section 12-413 – Authorized Delegate
(a) (1) Each authorized delegate that a licensee appoints under a license is the designated agent of the licensee for all purposes in connection with the licensee’s business under that license. (2) Each licensee under this subtitle is liable for the payment of all money transmissions by the licensee, in whatever form, directly or through an authorized delegate. […]