Section 12-413.1 – Training to Recognize Financial Abuse and Exploitation of Elder Adult
(a) (1) In this section the following words have the meanings indicated. (2) “Agent” includes an authorized delegate, a subagent, and a subdelegate of a licensee. (3) “Elder adult” has the meaning stated in § 1–306 of this article. (4) “Financial abuse” has the meaning stated in § 1–306 of this article. (5) “Financial exploitation” has the meaning stated in § […]
Section 12-414 – Fraud, False Statements, or Misrepresentation Prohibited; Management of Funds; Reporting Loss or Theft of Funds
(a) An authorized delegate may not make any fraudulent or false statement or misrepresentation to a licensee or to the Commissioner. (b) All money transmission services conducted by an authorized delegate shall be conducted strictly in accordance with the licensee’s operating policies and procedures provided to the authorized delegate. (c) An authorized delegate shall remit all funds owed […]
Section 12-415 – Change of Location or Control; Penalties
(a) (1) A licensee may not change the place of business for which a license is issued unless the licensee: (i) Notifies the Commissioner through NMLS of the proposed change; and (ii) Receives the approval of the Commissioner through NMLS. (2) Within 60 days after receiving a request for approval of a proposed change in the place of business for […]
Section 12-416 – Reports to Commissioner
(a) A licensee shall submit to NMLS a call report once each quarter on the date, in the form, and containing the information that NMLS requires. (b) (1) Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the Commissioner describing the event and its expected impact on […]
Section 12-417 – Compliance With Federal and State Laws
A licensee shall comply with all federal and State laws and regulations concerning the business of money transmission, money laundering, and abandoned property.
Section 12-404 – Credit of Revenue From Licensing and Payment of Fines and Penalties Into Various Funds
(a) All revenue received for the licensing of money transmitters under this subtitle and any other fee, examination assessment, 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) […]
Section 12-418 – Required Permissible Investments; Segregation of Money by Authorized Delegate
(a) (1) Subject to paragraph (2) of this subsection, a licensee shall have at all times permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding money transmissions conducted by the licensee in the United States. (2) The requirement imposed under paragraph […]
Section 12-405 – License Required
(a) A person may not engage in the business of money transmission if that person, or the person with whom that person engages in the business of money transmission, is located in the State unless that person: (1) Is licensed by the Commissioner; (2) Is an authorized delegate of a licensee under whose name the business of money […]
Section 12-419 – Issuance of Duplicate Payment Instruments
(a) The original buyer of a payment instrument may request a duplicate of the instrument if the request is: (1) In writing; and (2) If required by the licensee, accompanied by: (i) An affidavit that gives the reason for the request and states the facts relating to the loss of or other failure to produce the original payment instrument; […]
Section 12-406 – Qualifications of Applicant for License
(a) To qualify for a license, an applicant shall satisfy the Commissioner that the applicant: (1) Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to: (i) Engage in the business of money transmission; (ii) Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and […]