Ch. 326                                    1996 LAWS OF MARYLAND

[(g)](H) "Traveler's check" means an instrument for the payment of money that:

(1)     Is a multiple of any denomination;

(2)     Provides for a specimen signature of the buyer to be completed when the
instrument is bought; and

(3)     Provides for a countersignature of the buyer, to be completed when the
instrument is negotiated.

12-403.

The [Bank] Commissioner may adopt rules and regulations to carry out the
provisions of this subtitle.

12-404.

A person may not engage in the business of issuing or selling payment instruments
or traveler's checks unless the person:

(1)     Is licensed by the [Bank] Commissioner;

(2)     Is an agent of a licensee under whose name the payment instruments or
traveler's checks are issued or sold; or

(3)     Is a person exempted from licensing under this subtitle.
12-405.

[(a)]To qualify for a license, an applicant shall satisfy the [Bank] Commissioner
that the applicant:

(1)     Is trustworthy and reputable;

(2)     Has a good business reputation;

(3)     Has sufficient business experience;

(4)     Will keep at all times the permissible investments required under §
12-414 of this subtitle; and

[(b)] (5) Has a net worth of at least $100,000, computed according to generally
accepted accounting principles.

12-406.

(a) (1) To apply for a license, an applicant shall sign and submit to the [Bank]
Commissioner a verified application in the form that the [ Bank] Commissioner requires.

(2) The application shall include:

(i) The applicant's name, business address, and, if the applicant is an
individual, residence address;

(ii) If the applicant is a corporation or association, the name and
business address of each of its officers and directors;

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