HARRY HUGHES, Governor

619

loan association". See § 8-101 of this article.

In subsection (a)(6) of this section, the present
reference to the "duly authorized agent" of a
telegraph company is deleted as unnecessary,
since the receipt of an agent would be the
receipt of the principal, and as misleading,
given the specialized definition of "agent" in §
12-401 of this subtitle.

In subsection (a)(7) of this section, present

references to "checks" and "money orders" are

deleted as unnecessary in light of the definition

of "draft" in § 12-401 of this subtitle.

The terms "banking institution" and "national
banking association" are defined in § 1-101 of
this article.

12-403. RULES AND REGULATIONS.

THE BANK COMMISSIONER MAY ADOPT RULES AND REGULATIONS
TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE.

REVISOR'S NOTE: This section presently appears as Art.
11, § 219C.

The only changes are in style.

12-404. LICENSE REQUIRED.

A PERSON MAY NOT ENGAGE IN THE BUSINESS OF ISSUING OR
SELLING DRAFTS FOR A FEE OR SERVICE CHARGE UNLESS THE
PERSON:

(1)      IS LICENSED BY THE BANK COMMISSIONER;

(2)      IS AN AGENT OF A LICENSEE UNDER WHOSE NAME
THE DRAFTS ARE ISSUED OR SOLD; OR

(3)       IS A PERSON EXEMPTED FROM LICENSING UNDER
THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §§ 209
and 211.

Item (2) of this section is new language added to
clarify the prohibition against a person selling
drafts under another person's name unless the
latter is a licensee and the former is an "agent"
of the licensee. This revision represents what
appears to be the intent of present Art. 11, §
209, which does not contain the phrase "under his
... name" that present Art. 11, § 211 contains.

In this section, present references to "checks"