1984

LAWS OF MARYLAND

Ch. 541

12-416.

A licensee may not charge a service fee to any original
buyer who redeems an unused [draft] PAYMENT INSTRUMENT OR
TRAVELER'S CHECK.

12-417.

(A)  A DETERMINATION AS TO AN APPLICANT'S OR LICENSEE'S
NET WORTH AND AS TO THE VALUE OF PERMISSIBLE INVESTMENTS OF
AN APPLICANT OR LICENSEE SHALL BE COMPUTED IN ACCORDANCE
WITH RECOGNIZED ACCOUNTING PRINCIPLES.

(B)  If the Bank Commissioner finds that the books,
records, and accounting procedures of a licensee are not
adequate to enable the Bank Commissioner to determine
whether the licensee is in compliance with this subtitle,
the Bank Commissioner may require the licensee to adopt
standard, recognized accounting and bookkeeping procedures
and records for this purpose.

12-418.

(b) The surrender of a license does not:

(1)  Affect any civil or criminal liability of
the licensee for acts committed before the license is
surrendered;

(2)  Affect the bond filed or [securities]
PERMISSIBLE INVESTMENTS deposited by the licensee; or

(3)  Entitle the licensee to the return of any
part of any license or agent fee.

12-419.

(a) To discover any violations of this subtitle or to
obtain any information required by this subtitle, the Bank
Commissioner at any time may investigate the business of:

(2) Any person who is engaged or participating
in the business of issuing or selling [drafts] PAYMENT
INSTRUMENTS OR TRAVELER'S CHECKS, whether as principal,
agent, or otherwise; and

12-420.

(A)  Subject to the hearing provisions of § 12-421 of
this subtitle, the Bank Commissioner may suspend or revoke
the license of any licensee who violates any provision of
this subtitle.

(B)  THE BANK COMMISSIONER SHALL BEGIN PROCEEDINGS TO
REVOKE THE LICENSE OF ANY LICENSEE WHO THE BANK COMMISSIONER
FINDS CEASES TO MEET THE REQUIREMENTS FOR LICENSURE.