reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  12-402 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 Education Article;        (8)    The sale of payment instruments by any person on behalf of any other person who is exempted by this subsection, if the payment instruments were received from the other person under a trust receipt for the specific purpose of sale;        (9)    The provision of electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Federal Reserve Board Regulation E, by a contractor for and on behalf of the United States or any of its departments, agencies, or instrumentalities, or any state or any political subdivision of any state; or        (10)    Any authorized delegate of a licensee, acting within the scope of authority conferred by a written contract as described in § 12-413 of this subtitle.    (b)    Any person who is exempted by this section nevertheless may apply for and, if qualified, receive a license.
MD. Financial Institutions Code Ann. §  12-403 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 information.
MD. Financial Institutions Code Ann. §  12-404 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 persons 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) of this section, the Commissioner shall pay all fines and penalties collected by the Commissioner under this subtitle into the General Fund of the State.
MD. Financial Institutions Code Ann. §  12-405 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 transmission occurs; or        (3)    Is a person exempted from licensing under this subtitle.    (b)    Each licensee or license applicant shall obtain and maintain a valid unique identifier issued by the nationwide licensing system:        (1)    On forming an account with the nationwide licensing system on or after November 1, 2012; or        (2)    If the Commissioner has not joined the nationwide licensing system as of November 1, 2012, on or after the date that the Commissioner joins, as specified by the Commissioner by public notice.    (c)    An applicant for an initial license or a license renewal shall apply for the license or renewal through the nationwide licensing system:        (1)    On or after November 1, 2012; or        (2)    If the Commissioner has not joined the nationwide licensing system as of November 1, 2012, on or after the date that the Commissioner joins, as specified by the Commissioner by public notice.
MD. Financial Institutions Code Ann. §  12-406 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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            (iii)    Command the confidence of the public;        (2)    Will keep at all times the permissible investments required under § 12-418 of this subtitle;        (3)    Has a net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each additional location or authorized delegate, up to a maximum of $500,000 as provided in subsection (b) of this section; and        (4)    Has at least 3 years of experience in the business of money transmission or other related financial services business under the following conditions:            (i)    If the applicant is a sole proprietor, the applicant shall have the required experience;            (ii)    If the applicant is a joint venture or partnership, at least one of the coventurers or general partners shall have the required experience; and            (iii)    If the applicant is any other type of business, at least one of the principal officers or members shall have the required experience.    (b)    The Commissioner may require a net worth of up to $500,000, subject to consideration of the following:        (1)    The nature and volume of the business or proposed business of the applicant;        (2)    The amount, nature, quality, and liquidity of the assets of the applicant;        (3)    The amount and nature of the liabilities, including contingent liabilities, of the applicant;        (4)    The history of, and prospects for, the applicant to earn and retain income;        (5)    The quality of the operations of the applicant;        (6)    The quality of the management of the applicant;        (7)    The nature and quality of the person that has control of the applicant; and        (8)    Any other factor the Commissioner deems relevant.
MD. Financial Institutions Code Ann. §  12-408.1 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 the nationwide licensing system, 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, shall continue to apply to that information or material after the information or material has been disclosed to the nationwide licensing system.        (2)    The information and material may be shared with all state and federal regulatory officials having oversight authority over the money transmission industry, including the Financial Crimes Enforcement Network, without the loss of privilege or the loss of confidentiality protections provided by federal law or Title 4, Subtitles 1 through 5 of the General Provisions Article.    (b)    The Commissioner may enter into information–sharing agreements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies, including the Financial Crimes Enforcement Network.    (c)    Information or material that is subject to a privilege or confidentiality under subsection (a) of this section may not be subject to:        (1)    Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or agency of the federal government or a state that has received the information or material; or        (2)    Subpoena, discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the nationwide licensing system, the person to whom the information or material pertains waives, in whole or in part, that privilege.    (d)    Any provisions of Title 4, Subtitles 1 through 5 of the General Provisions Article relating to the disclosure of any information or material described in subsection (a) of this section that are inconsistent with subsection (a) of this section shall be superseded by the requirements of this section.    (e)    This section does not apply to information or material relating to publicly adjudicated disciplinary and enforcement actions against a money transmitter or its authorized delegate that is included in the nationwide licensing system and designated for access by the public.
MD. Financial Institutions Code Ann. §  12-409 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 the date a complete application is filed.        (2)    The applicant may by written request to the Commissioner withdraw the application at any time before the issuance of the license.    (c)    The Commissioner shall issue a license to any applicant who meets the requirements of this subtitle.    (d)    (1)    If an applicant does not meet the requirements of this subtitle, the Commissioner shall:            (i)    Notify the applicant immediately of this fact;            (ii)    Subject to the hearing provisions of § 12–428 of this subtitle, deny the application;            (iii)    Return the surety device filed under § 12–407 of this subtitle; and            (iv)    Keep the license fee and the investigation fee.        (2)    Within 30 days after the Commissioner denies an application, the Commissioner shall state the reasons for the denial in writing and mail them to the address listed in the application.
MD. Financial Institutions Code Ann. §  12-410 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|Section 12-410 - Contents and Scope of Licenses; Additional Licenses

    (a)    The Commissioner shall include on each license:        (1)    The trade name of the licensee; and        (2)    The address at which the business is to be conducted.    (b)    (1)    A license authorizes the licensee to do business under the license, at the licensed place of business.        (2)    A license does not authorize the licensee to accept deposits or engage otherwise in a banking business except as authorized in this subtitle.        (3)    Only one place of business may be maintained under any one license.    (c)    The Commissioner may issue more than one license to an applicant who:        (1)    Complies with § 12–407 of this subtitle; and        (2)    Otherwise meets the requirements of this subtitle.    (d)    A license may not be transferred or assigned.    (e)    (1)    (i)    If the licensee has its principal executive office in the State, the licensee shall prominently display the license and unique identifier in the location that is open to the public and at which the licensee engages in the business of money transmission.            (ii)    If the licensee has its principal executive office outside the State, the licensee shall maintain the license in the principal executive office.        (2)    Each authorized delegate shall display prominently at each location open to the public a notice in at least 48–point type that states the following:    “The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints regarding this authorized delegate of (name of licensee, license number, and unique identifier) at (address of Commissioner), phone (toll–free phone number of the Commissioner)”.        (3)    A licensee that offers Internet money transmission services shall include the following notice on its website:    “The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints from Maryland residents regarding (name of licensee, license number, and unique identifier) at (address of Commissioner), phone (toll–free phone number of the Commissioner)”.
MD. Financial Institutions Code Ann. §  12-411 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|Section 12-411 - Term and Renewal of Licenses

    (a)    Subject to any regulations the Commissioner adopts in connection with the transition to the nationwide licensing system, 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 issued, if the license is issued on or after November 1.    (b)    On or after November 1 of each year, a license may be renewed for a 1–year term, if the licensee:        (1)    Otherwise is entitled to be licensed;        (2)    Files evidence of a surety device required under § 12–412 of this subtitle;        (3)    Pays to the Commissioner a nonrefundable renewal fee of $2,000; and        (4)    Submits to the Commissioner:            (i)    A renewal application in the form and in accordance with the process that the Commissioner requires;            (ii)    A financial statement that complies with the requirements of § 12–407(b)(4) of this subtitle; and            (iii)    Any other information that the Commissioner reasonably requires to determine that the renewal applicant continues to be eligible to be licensed.    (c)    In addition to the license renewal fee required under subsection (b)(3) of this section, an applicant for a license renewal shall pay to the nationwide licensing system the fee that the nationwide licensing system imposes in connection with the renewal application.
MD. Financial Institutions Code Ann. §  12-413 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 transmitted and payment instruments sold by the licensee, in whatever form, directly or through an authorized delegate.    (b)    Each authorized delegate that a licensee appoints under a license shall be authorized by an express written contract, which shall provide:        (1)    That the licensee appoints the person as its authorized delegate with authority to engage in the business of money transmission on behalf of the licensee;        (2)    That neither the licensee nor the authorized delegate may authorize subagents or subdelegates without written consent of the Commissioner;        (3)    That the authorized delegate is subject to supervision, examination, and regulation by the Commissioner; and        (4)    That the authorized delegate will operate in full compliance with all applicable laws and regulations.    (c)    The licensee shall provide to each authorized delegate a written copy of the licensee’s operating policies and procedures, which shall be updated on a reasonable periodic basis.    (d)    Copies of all contracts required under this section shall be made available to the Commissioner, upon request.
MD. Financial Institutions Code Ann. §  12-414 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.    (d)    (1)    All funds received by an authorized delegate from the sale of a payment instrument, less fees, shall constitute trust funds belonging to the licensee from the time the funds are received by the authorized delegate until the time when the funds are remitted to the licensee.        (2)    If an authorized delegate commingles any of the funds received with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the funds due the licensee.    (e)    An authorized delegate shall report to the licensee the theft or loss of a payment instrument within 24 hours after the theft or loss.
MD. Financial Institutions Code Ann. §  12-415 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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 in writing of the proposed change; and            (ii)    Receives the approval of the Commissioner.        (2)    Within 60 days after receiving a request for approval of a proposed change in the place of business for a licensee, the Commissioner shall approve or deny the request.        (3)    If the Commissioner does not deny a request for approval of a proposed change in the place of business for a licensee as provided under paragraph (2) of this subsection, the request shall be deemed approved.    (b)    (1)    A licensee may not undergo a change in control unless the licensee:            (i)    Notifies the Commissioner in writing of the proposed change;            (ii)    Makes a written request that the Commissioner approve the proposed change;            (iii)    Provides any information the Commissioner may require under paragraph (3) of this subsection; and            (iv)    Receives the approval of the Commissioner.        (2)    Within 60 days after receiving a request for approval of a proposed change in control, the Commissioner may require the licensee to provide any information deemed necessary to determine whether a new application is required because of the proposed change in control.        (3)    The Commissioner shall approve or deny a request for approval of a proposed change in control:            (i)    Within 60 days after the date the Commissioner receives the request; or            (ii)    If the Commissioner requests information from the licensee under paragraph (2) of this subsection, within 60 days after the date the information is received by the Commissioner.        (4)    If the Commissioner does not deny a request for approval of a proposed change in control as provided under paragraph (3) of this subsection, the request shall be deemed approved.    (c)    In addition to any sanctions that may be imposed by the Commissioner under this subtitle, a licensee who fails to provide in a timely manner the notice required under subsection (a)(1) or (b)(1) of this section shall:        (1)    For each failure, pay to the Commissioner a penalty in the amount of $500; and        (2)    Apply for a new license, together with all appropriate application and investigation fees.
MD. Financial Institutions Code Ann. §  12-417 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|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.
MD. Financial Institutions Code Ann. §  12-418 (2021)
2021 Maryland Statutes|Financial Institutions|Title 12 - Miscellaneous Institutions and Activities|Subtitle 4 - Maryland Money Transmission Act|Section 12-418 - Required Permissible Investments; Segregation of Money by Authorized Delegate

    (a)    (1)    Subject to the provisions of 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 payment instruments issued or sold by the licensee in the United States.        (2)    The requirement imposed under paragraph (1) of this subsection may be waived by the Commissioner if the dollar volume of a licensee’s outstanding payment instruments does not exceed the surety device filed in accordance with § 12-412 of this subtitle.    (b)    A licensee shall require each authorized delegate, within 48 hours after the next regular business day after the authorized delegate receives the proceeds from a money transmission, to remit the proceeds to the licensee or the licensee’s authorized representative, or deposit the proceeds in the licensee’s account with a financial institution.    (c)    Deposit by the authorized delegate in an account with a financial institution of funds in advance of money transmissions, but in an amount not less than the amount that the authorized delegate would normally receive from money transmissions, constitutes compliance with this section.