Opinion ID: 2968343
Heading Depth: 4
Heading Rank: 2

Heading: Maryland Law

Text: Maryland law prohibits a person from engaging in the business of money transmission unless that person is a licensee, is a delegate of a licensee, or is exempt from the licensing requirement. Md. Code Ann., Fin. Inst. § 12-405 (LexisNexis 2003). Money transmission is defined as the business of selling or issuing payment instruments or stored value devices, or receiving money or monetary value, for transmission to a location within or outside the United States and includes [a]ny informal money transfer system engaged in as a business for . . . facilitating the transfer of money outside the conventional financial institutions system to a location within or outside the United States. Md. Code Ann., Fin. Inst. § 12-401(l) (LexisNexis 2003). Maryland law sets forth criminal penalties for [a]ny person who knowingly and willfully violates the licensing requirement. Md. Code Ann., Fin. Inst. § 12-430 (LexisNexis 2003) (emphasis added).