1982

LAWS OF MARYLAND

Ch. 541

(2) The deposits shall be made within 48 hours
after the next regular business day following the sale of
these drafts.

(b) (1) In this subsection, "liquid assets" means:

(i) General obligations of or obligations
fully guaranteed by the United States or any agency or
instrumentality of or corporation wholly owned by the United
States directly or indirectly;

(ii) Direct general obligations of any
state; and

(iii) Any other assets that the Bank
Commissioner authorizes.

(2) If any drafts sold by a licensee, whether
directly or through its agents, are not drawn on a financial
institution but are payable by the licensee, the licensee at
all times shall have on hand, in cash or unpledged liquid
assets, an amount equal to the face amount of all of these
drafts that are outstanding and unpaid.]

(A) (1) EACH PERSON LICENSED TO ISSUE OR SELL PAYMENT
INSTRUMENTS SHALL HAVE AT ALL TIMES*

(I) A NET WORTH OF $500,000; AND

(II) PERMISSIBLE PERMISSIBLE INVESTMENTS
WITH A BOOK OR MARKET VALUE, WHICHEVER IS GREATER LESSER
GREATER, THAT AT LEAST EQUALS THE TOTAL OF THE OUTSTANDING
PAYMENT INSTRUMENTS.

(2) EACH PERSON LICENSED TO ISSUE OR SELL
TRAVELER'S CHECKS SHALL HAVE AT ALL TIMES*

(I) A NET WORTH OF $5,000,000 AND

(II) PERMISSIBLE PERMISSIBLE INVESTMENTS
WITH A BOOK OR MARKET VALUE, WHICHEVER IS GREATER LESSER
GREATER, THAT AT LEAST EQUALS THE TOTAL OF THE OUTSTANDING
TRAVELER'S CHECKS.

(B) ALL MONEY OTHER THAN FEES THAT AN AGENT RECEIVES
SHALL BE HELD SEPARATE FROM OTHER ASSETS AND MAY NOT BE
COMMINGLED WITH OTHER ASSETS OR MONEY OF A LICENSEE.

(C) A LICENSEE SHALL REQUIRE EACH AGENT TO:

(1) HOLD MONEY THAT THE AGENT RECEIVES FROM THE
SALE OF PAYMENT INSTRUMENTS OR TRAVELER'S CHECKS SEPARATE
FROM OTHER MONEY OF THE AGENT; AND

(B) A LICENSEE SHALL REQUIRE EACH AGENT TO: