reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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 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) 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.
2023 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 NMLS on forming an account with NMLS.
(c)    An applicant for an initial license or a license renewal shall apply for the license or renewal through NMLS.
2023 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 tangible 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 branch 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.
2023 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 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, shall continue to apply to that information or material after the information or material has been disclosed to NMLS.
(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 NMLS, 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 NMLS and designated for access by the public.
2023 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.
2023 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)    (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 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)    Each licensee shall conspicuously post, in 48 point or larger type, at the licensee’s licensed location the following information:
(i)    The licensee’s unique identifier; and
(ii)    A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee.
(2)    Each authorized delegate, at each location open to the public, shall conspicuously post, in at least 48 point type, the following information:
(i)    A notice stating, “The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints regarding this authorized delegate of (name of licensee and unique identifier) at (address of Commissioner), phone (toll–free phone number of the Commissioner)”; and
(ii)    A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee.
(3)    Each licensee shall conspicuously display the following information on the licensee’s website, any mobile application through which the services are offered, the outside of the self–service financial kiosk, any software application accessible to the public and used for money transmission services, and the profile page within each social media platform the licensee uses:
(i)    The licensee’s unique identifier;
(ii)    A link to the NMLS Consumer Access website; and
(iii)    A notice stating, “The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints from Maryland residents regarding (name of licensee and unique identifier) at (address of Commissioner), phone (toll–free phone number of the Commissioner)”.
(f)    A licensee is not required to post the information required in subsection (e)(1) of this section if the licensee does not regularly grant access to the licensed location to members of the general public.
2023 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 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 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 NMLS the fee that NMLS imposes in connection with the renewal application.
2023 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 transmissions 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.
2023 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 money transmission services, 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.
2023 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 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 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 through NMLS of the proposed change;
(ii)    Makes a request through NMLS 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 through NMLS.
(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)    For a licensee who fails to provide the notice required under subsection (b)(1) of this section in a timely manner, file with the Commissioner an application for a new license, together with all appropriate application and investigation fees.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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 the licensee’s activities in the State:
(i)    The filing for bankruptcy or reorganization by the licensee;
(ii)    The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee’s money transmission activities in any state;
(iii)    Any felony indictment or conviction of the licensee or any of its officers or directors related to money transmission activities;
(iv)    The commencement of any civil action by a buyer or holder of a payment instrument or person for whom or to whom money is transmitted against a licensee; and
(v)    The filing of any material litigation against the licensee.
(2)    The written report required under paragraph (1) of this subsection shall be submitted to the Commissioner through NMLS.
(c)    A licensee shall submit to NMLS the Uniform Authorized Agent Reporting once each quarter on the date that NMLS requires.
(d)    A licensee promptly shall file with the Commissioner any demand borrowing agreement or agreements into which the licensee may enter as a permissible investment or a deposit in lieu of a surety bond.
2023 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 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 (1) of this subsection may be waived by the Commissioner if the dollar volume of a licensee’s outstanding money transmissions does not exceed the surety device filed in accordance with § 12–412 of this subtitle.
(b)    (1)    Except as provided in paragraph (2) of this subsection, 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.
(2)    A licensee shall require each authorized delegate who sells prepaid access, within 5 business days after the next regular business day after the authorized delegate receives the proceeds from the sale of prepaid access, to:
(i)    Remit the proceeds to the licensee or the licensee’s authorized representative; or
(ii)    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.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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; and
(ii)    A personal indemnity bond or, if the total amount of the payment instruments for which a duplicate is requested is $150 or more, a lost instrument corporate bond instead of a personal indemnity bond.
(b)    Each licensee shall issue or refuse to issue a duplicate payment instrument within 30 days after a request for the duplicate is made under this section.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › Section 12-420 - Redemption of Unused Payment Instruments

Except as permitted by § 17-308.1 of the Commercial Law Article, a licensee or its authorized delegate may charge a service fee, not to exceed $5, to any original buyer who redeems an unused payment instrument.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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 necessary or adopt standard, recognized accounting and bookkeeping procedures and records for this purpose.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - 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 criminal liability of the licensee for acts committed before the license is surrendered;
(2)    Affect the surety device filed by the licensee; or
(3)    Entitle the licensee to the return of any part of any fee.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › Section 12-423 - Investigatory Powers of Commissioner

(a)    To discover any violations of this subtitle or to obtain any information required by this subtitle, the Commissioner at any time may investigate the business of:
(1)    Any licensee;
(2)    Any person who is engaged or participating in the business of money transmission, whether as authorized delegate, principal, agent, or otherwise; and
(3)    Any other person who the Commissioner has cause to believe is violating this subtitle or any regulation adopted under this subtitle whether that person claims to be within or beyond the scope of this subtitle.
(b)    For the purposes of this section, the Commissioner:
(1)    Shall be given access to the place of business, books, papers, records, safes, and vaults of the person under investigation; and
(2)    May summon and examine under oath any person whose testimony the Commissioner requires.
(c)    (1)    If a person fails to comply with a subpoena or summons of the Commissioner under this subtitle or to testify concerning any matter about which the person may be interrogated under this subtitle, the Commissioner may file a petition for enforcement with the circuit court for any county.
(2)    On petition by the Commissioner, the court may order the person to attend and testify or produce evidence.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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 this section, including a per–day fee set by the Commissioner for each of the Commissioner’s employees engaged in the examination.
(d)    The on–site examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.
(e)    (1)    The Commissioner, in lieu of an on–site examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm.
(2)    A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.
(f)    The Commissioner may:
(1)    Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and
(2)    Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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;
(4)    Bank statements and bank reconciliation records;
(5)    Records of outstanding money transmissions;
(6)    Records of each money transmission conducted within the 3–year period;
(7)    A list of the names and addresses of all the licensee’s authorized delegates, past and present; and
(8)    A list of the dates that the training materials required under § 12–413.1 of this subtitle were provided to the licensee’s authorized delegates, agents, and subdelegates.
(b)    A licensee shall retain the records required under this section in:
(1)    Original form; or
(2)    Photographic, electronic, or other similar form.
(c)    A licensee may retain the records required under this section at any location, provided that the licensee:
(1)    Notifies the Commissioner in writing of the location of the records; and
(2)    Makes the records available at a place of business for which a license has been issued, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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 Administrative Procedure Act.
(c)    For a hearing on the proposed suspension or revocation of a license, the hearing notice to be given to the licensee shall be sent by registered or certified mail at least 15 days before the hearing to the place of business stated in the license.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 4 - Maryland Money Transmission Act › 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 applicant for a license may challenge information entered by the Commissioner into NMLS.
(b)    The Commissioner may submit to NMLS information regarding enforcement actions against money transmitters who are not licensees or authorized delegates.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 6 - Safe-Deposit Companies › Section 12-601 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Safe-deposit box” means a locked box or safe that is:
(1)    In a vault under the control of a safe-deposit company; and
(2)    Used by another person for the storage or safekeeping of property.
(c)    “Safe-deposit company” means a person who is engaged in the business of renting safe-deposit boxes to others.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 6 - Safe-Deposit Companies › Section 12-602 - Access by Fiduciaries to Safe-Deposit Boxes

(a)    In this section, “fiduciary” includes the fiduciary’s successor.
(b)    Except as provided in subsection (c) of this section, if a safe-deposit company rents a safe-deposit box to a fiduciary, the safe-deposit company may not permit access to the safe-deposit box:
(1)    By any person other than the fiduciary; and
(2)    If the safe-deposit box is rented to two or more fiduciaries, by less than all of the fiduciaries in person.
(c)    The safe-deposit company may permit access to the safe-deposit box by:
(1)    Any individual authorized by all of the fiduciaries, in accordance with a rental agreement, written power of attorney, or other written authority signed by each fiduciary and filed with the safe-deposit company; and
(2)    Less than all of the fiduciaries, in accordance with a rental agreement, written power of attorney, or other written authority signed by the remaining fiduciaries and filed with the safe-deposit company.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 6 - Safe-Deposit Companies › Section 12-603 - Access to Search for Lessee's Will

If the lessee of a safe-deposit box dies and, before a personal representative for the lessee’s estate has been appointed, a person wishes to open the safe-deposit box to search for the lessee’s will, a representative of the safe-deposit company shall be present when the safe-deposit box is opened.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 6 - Safe-Deposit Companies › Section 12-604 - Limitations on Liability

(a)    In a contract governing the use of a safe-deposit box by a customer, the safe-deposit company may limit its total liability for any loss resulting from its negligence to a maximum amount, which may not be less than 500 times the annual rental charged for the safe-deposit box.
(b)    The safe-deposit company may provide in the contract that it will not be liable for the loss of any money, jewelry, or other items specified in the contract for this purpose.
(c)    The safe-deposit company may provide in the contract that the fact that an item was left in a safe-deposit box by a customer and, on a subsequent entry by the customer to the safe-deposit box, the property was missing does not:
(1)    Raise a presumption that the property was lost by any negligence or wrongdoing for which the safe-deposit company is responsible; or
(2)    Place on the safe-deposit company the burden of proving that the loss was not its fault.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 7 - Supervision and Examination of Tax Exempt Financial Institutions › Section 12-701 - Supervision and Examination; Application

(a)    A financial institution may apply to the Commissioner to be supervised and examined by the Commissioner to the same extent that a banking institution is supervised and examined under Title 5, Subtitle 2 of this article, other than § 5–203, if:
(1)    The financial institution is a nonstock corporation under Title 5, Subtitle 2 of the Corporations and Associations Article which is recognized by the Internal Revenue Service as exempt from tax under § 501(c)(3) of the Internal Revenue Code, as amended;
(2)    A majority and all controlling members of the financial institution are persons designated and approved by any banking institutions or national banking associations; and
(3)    The financial institution is engaged solely in the extension of credit, making of loans and arranging of financing for socially or economically disadvantaged businesses for the purpose of:
(i)    Encouraging and supporting the business and commercial development of such businesses; and
(ii)    Participating in and supporting special State, federal, local or private industry programs intended to make available, offer, encourage, guarantee, or otherwise facilitate loan and other financing programs for socially or economically disadvantaged businesses.
(b)    The Commissioner shall supervise and examine a financial institution that has applied to the Commissioner and has met the requirements set forth under subsection (a) of this section.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 7 - Supervision and Examination of Tax Exempt Financial Institutions › Section 12-702 - Qualification

To qualify for supervision and examination, the applicant shall satisfy the Commissioner that the applicant:
(1)    Is trustworthy and reputable;
(2)    Has a good business reputation; and
(3)    Has sufficient business experience, moral character, financial responsibility, and genuine fitness to:
(i)    Command the confidence of the public; and
(ii)    Warrant the belief that the business will be operated lawfully, honestly, fairly and efficiently.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 7 - Supervision and Examination of Tax Exempt Financial Institutions › Section 12-703 - Form of Application; Fee

(a)    (1)    To apply for supervision and examination under this subtitle, an applicant shall sign and submit to the Commissioner a verified application on the form that the Commissioner requires.
(2)    The applicant shall comply with all conditions and provisions within the application.
(3)    The applicant shall submit any other information that the Commissioner may require.
(b)    With the application, the applicant shall pay to the Commissioner an investigation fee of $100.00.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 7 - Supervision and Examination of Tax Exempt Financial Institutions › Section 12-705 - Termination of Power to Supervise and Examine

(a)    If the Commissioner believes that a financial institution supervised and examined under this subtitle has engaged in an unsafe or unsound banking practice, or has failed to comply with the law, the Commissioner shall send a warning to the financial institution.
(b)    If the Commissioner finds that the financial institution has continued to engage in the unsafe or unsound practice, or that the failure to comply with the law has continued, subject to the hearing provisions of § 12-706 of this subtitle, the Commissioner may suspend or terminate its supervision and examination of the financial institution.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 7 - Supervision and Examination of Tax Exempt Financial Institutions › Section 12-706 - Hearing

(a)    If the Commissioner takes any action under § 12-705(b) of this subtitle, the Commissioner shall give the financial institution the opportunity for a hearing.
(b)    Notice of the hearing shall be given and a hearing shall be held in accordance with the Administrative Procedure Act.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 7 - Supervision and Examination of Tax Exempt Financial Institutions › Section 12-707 - Appeal

Any person who is aggrieved by any decision or finding of the Commissioner under this subtitle may appeal to the circuit court for the county in which the aggrieved person resides or has a principal place of business, or, if the aggrieved person resides or has a principal place of business in Baltimore City, to the Circuit Court for Baltimore City.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 7 - Supervision and Examination of Tax Exempt Financial Institutions › Section 12-708 - Assessments

(a)    The Commissioner, not more often than once per year, may impose annual assessments on each financial institution supervised and examined by the Commissioner under this subtitle, to cover the expense of supervising and examining that financial institution.
(b)    (1)    The Commissioner may assess each financial institution the sum of:
(i)    $1,000; plus
(ii)    8 cents for each $1,000 of the assets of the financial institution over $1,000,000.
(2)    The assessments shall be based on assets stated in the financial institution’s most recent financial report.
(c)    The financial institution shall pay any assessment imposed under this section to the Commissioner on or before the February 1 after it is imposed.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 8 - Currency Transactions › Section 12-802 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Currency” means currency and coin of the United States or any other country.
(c)    “Department” means the Maryland Department of Labor.
(d)    (1)    “Financial institution” means:
(i)    A national banking association;
(ii)    A State banking institution;
(iii)    A credit union that is organized under the laws of this State or of the United States;
(iv)    Any other organization that is organized under the banking laws of the State and subject to the supervision of the Commissioner;
(v)    A savings and loan association that is organized under the laws of the State or of the United States; or
(vi)    Persons engaged in the business of cashing checks for a fee unless performed incidental to the sale of goods or services.
(2)    “Financial institution” does not include any person licensed by the Commissioner under Title 11 of this article.
(e)    “Person” means an individual, partnership, firm, trust, estate, association, corporation, or other entity.
(f)    “Secretary” means the Secretary of Labor.
(g)    “Transaction” includes the deposit, withdrawal, transfer, bailment, loan, pledge payment, or exchange of currency by, through, or to the financial institution.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 8 - Currency Transactions › Section 12-803 - Reports of Transactions in Excess of $10,000

(a)    A financial institution shall keep a record of currency transactions in excess of $10,000 and shall file with the Department within 15 days of the date of the transaction pursuant to regulations adopted by the Secretary a complete report of currency transactions in excess of $10,000.
(b)    The reporting requirements of this section are complied with if:
(1)    A financial institution files with the Department a duplicate copy of the report required by 31 U.S.C. § 5313; or
(2)    The information in the report required by 31 U.S.C. § 5313 is available to the Department from a federal agency.
(c)    The Secretary shall adopt regulations to carry out the purposes of this subtitle and to provide for the exemption of transactions which are clearly of a legitimate nature and for which mandatory reporting would serve no useful purpose.
(d)    A transaction that is exempt from reporting by a financial institution under federal law is also exempt from the reporting requirements of this subtitle.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 8 - Currency Transactions › Section 12-804 - Access to Reports

(a)    The Department of Public Safety and Correctional Services and the Office of the Attorney General shall have access to and shall be authorized to inspect and copy any reports filed with the Department under this article.
(b)    The Department may make the contents of a report available to other criminal justice agencies only for purposes of investigation or prosecution of the subject of the report.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 8 - Currency Transactions › Section 12-805 - Civil Penalties

(a)    The Secretary may assess a civil penalty against any financial institution and any officer, employee, agent, or director of the institution for each knowing and willful violation of this subtitle.
(b)    (1)    The civil penalty may not exceed $50 for each day the violation continues.
(2)    For purposes of this section, a separate violation occurs at each office, branch, or place of business where a violation occurs or continues.
(3)    The total civil penalty may not exceed $1,000.
(c)    In the event of the failure of any person to pay any penalty assessed under this section, a civil action for recovery of the penalty may be brought by the State against the person.
2023 Maryland Statutes › Financial Institutions › Title 12 - Miscellaneous Institutions and Activities › Subtitle 8 - Currency Transactions › Section 12-806 - Notice Regarding Information No Longer Available From Federal Agency

If the information required by § 12-803(a) of this subtitle has been available to the Department from a federal agency, a financial institution may not be subject to the civil penalties provided for in this subtitle unless the financial institution has been notified by the Department that:
(1)    The information is no longer available; and
(2)    The financial institution is now required to provide the information to the Department.