876                                 Laws of Maryland                        [Ch. 597

licensee within thirty (SO) days after written demand therefor by
the Commissioner.

213. (Licenses: Issuance; Denial.) If the Commissioner shall
find upon investigation (1) that the applicant is trustworthy and
reputable, (2) that he has business experience qualifying him to
competently carry on the business for which the application is made,
and (3) that he has a good business reputation, the Commissioner
shall issue to the applicant qualifying as such, a license to operate
the business of selling or issuing checks, drafts and/or money orders,
for a fee or service charge, under his or their or its name. If the
Commissioner shall not so find, he shall not issue a license and shall
notify the applicant of such denial, retaining the investigation fee
to cover the cost of the investigation of the applicant. The Commis-
sioner shall approve or deny every application within 60 days from
the filing thereof. No application shall be denied unless the appli-
cant has had notice of a hearing on said application, and an oppor-
tunity to be heard thereon. If the application, is denied the Com-
missioner shall within 30 days thereafter, prepare and keep on file
a written order of denial, and shall mail a copy thereof to the appli-
cant at the address set forth in the application.

214. (Funds Deposited.) It shall be the duty of every licensee to
deposit or cause to be deposited the proceeds from the sale of all
checks, drafts and/or money orders in one or more financial institu-
tions upon which such items are drawn, provided, however, such
deposits need not necessarily be made in such institutions until 48
HOURS AFTER the next regular business day following the sale of
any such items.

Whenever any licensee under this sub-title sells any checks, drafts
and/or money orders directly or through agents or sub-agents which
are not drawn on a financial institution but are payable by said
licensee, then said licensee shall at all time have on hand, in the form
of cash or unpledged liquid assets an amount equal to the face amount
of all outstanding and unpaid checks, drafts and/or money orders
sold by such licensee, his agents or sub-agents. "Liquid assets" within
the meaning of this sub-title shall include general obligations of or
fully guaranteed by the United States or any agency or instrumental-
ity of or corporation wholly owned by the United States directly
or indirectly, direct general obligations of any State and such other
assets as the Commissioner shall reasonably determine to constitute
such "liquid assets."

215.    (Forbidden to Act as Depository.) No license issued here-
under shall authorize the licensee to accept deposits or otherwise
engage in the banking business, except as authorized in this sub-title.

216.    (Licensees: Assignment; Number; Change of Location.)
(a) The license shall state the name of the licensee and the address
at which the business is to be conducted.

(b) No more than one place of business shall be maintained under
the same license, but the Commissioner may issue more than one
license to the same licensee upon the compliance with the provisions
of this sub-title governing an original issuance of such a license,
provided, however, that such license shall include the authority of
the applicant to certify designated agents upon the payment of the