HARRY HUGHES, Governor                                 1975

ADDITION TO QUARTERLY FINANCIAL STATEMENTS AND ANY OTHER
FINANCIAL INFORMATION AS THE BANK COMMISSIONER MAY DEEM
NECESSARY; AND

(4) ANY OTHER INVESTMENT THAT THE BANK
COMMISSIONER APPROVES.

(G) "TRAVELER'S CHECK" MEANS AN INSTRUMENT FOR THE
PAYMENT OF MONEY THAT:

(1)  IS A MULTIPLE OF ANY DENOMINATION; AND

(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.

12-402.

(a) The licensing provisions of this subtitle do not
apply to:

(7) The sale of [drafts] PAYMENT INSTRUMENTS OR
TRAVELER'S CHECKS by any person on behalf of any other
person who is exempted by this subsection, if the [drafts]
PAYMENT INSTRUMENTS OR TRAVELER'S CHECKS were received from
the other person under a trust receipt for the specific
purpose of sale.

12-404.

A person may not engage in the business of issuing or
selling [drafts for a fee or service charge] PAYMENT
INSTRUMENTS OR TRAVELER'S CHECKS unless the person:

(2) Is an agent of a licensee under whose name
the [drafts] PAYMENT INSTRUMENTS OR TRAVELER'S CHECKS are
issued or sold; or

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; [and]

(3)  Has sufficient business experience to carry
on the business competently[.]; AND

(4)  WILL KEEP AT ALL TIMES THE PERMISSIBLE
INVESTMENTS REQUIRED UNDER § 12-414 OF THIS SUBTITLE.

(B) TO QUALIFY FOR A LICENSE TO ISSUE OR SELL PAYMENT
INSTRUMENTS, AN APPLICANT SHALL SATISFY THE BANK