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 12-402 – Scope of Subtitle
(a) The provisions of this subtitle do not apply to: (1) Any banking institution; (2) Any other-state bank; (3) Any national banking association or savings bank; (4) Any credit union; (5) Any savings and loan association; (6) The United States government or any of its departments, agencies, or instrumentalities; (7) An accredited institution of higher education, as defined under § 10-101 of the […]
Section 12-403 – Powers of Commissioner
To carry out the provisions of this subtitle, the Commissioner may: (1) Adopt rules and regulations; (2) Enter into cooperative and information sharing agreements with any federal or State agency having supervisory responsibility over the business of money transmission; and (3) Provide any federal or State agency having supervisory responsibility over money transmission with any documents or other […]