J. MILLARD TAWES, GOVERNOR                            873

CHAPTER 597
(Senate Bill 236)

AN ACT to add Sections 207 to 223, inclusive, to Article 11 of the
Annotated Code of Maryland (1957 Edition), title "Banks and
Trust Companies", to follow immediately after Section 206 there-
of, and to be under the new sub-title "Currency Exchange Law",
providing for the licensing and supervision of the business of
selling or issuing checks, drafts and/or money orders for a fee or
service charge, providing that such licensing and supervision shall
be under the office of the State Bank Commissioner, prescribing
penalties for a violation of this law, and relating generally to the
regulation, licensing and supervision of the business of selling or
issuing checks, drafts and/or money orders for a fee or service
charge.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 207 to 223, inclusive, be and they are hereby added to
Article 11 of the Annotated Code of Maryland (1957 Edition), title
"Banks and Trust Companies", said new sections to follow immed-
iately after Section 206 thereof, and to be under the new sub-title
"Currency Exchange Law", and all to read as follows:

Currency Exchange Law

207.    (Legislative Intention,) The General Assembly of Mary-
land hereby declares its intention to place in the Annotated Code of
Maryland (1957 Edition), legislation regulating the selling or issu-
ing of checks, drafts and/or money orders for a fee or service charge.

208.    (Definitions.) The following words and terms, when used
in this sub-title, shall have the following meanings unless the con-
text clearly requires a different meaning. The meaning ascribed to
the singular form is applied also to the plural.

"Person" shall include individuals, partnerships, associations,
corporations and other legal entities.

"Seller" means any person, firm, association, partnership, cor-
poration or other legal entity issuing or selling checks, drafts and/or
money orders for a fee or service charge.

"Checks, drafts and/or money orders" shall mean bills of ex-
change or other instruments for the payment or transmission of

money, . but shall not include instruments which require counter-

signature for validation and are generally known as "travelers
cheques."

"License" shall mean a license issued under the authority of this
sub-title to sell or issue checks, drafts and/or money orders for a
fee or service charge in accord with the provisions of this sub-title
at the place or places of business designated in the license.

"Licensee" shall mean a person to whom one or more licenses
have been issued, together with his agents or sub-agents.

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.