HARRY HUGHES, Governor

631

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §
216(c).

Subsection (a)(1) of this section is revised to
clarify present Art. 11, § 216(c), which implies
that a licensee sends the license to the Bank
Commissioner so that the Bank Commissioner, if
the Bank Commissioner approves of the change, can
"amend ... the license".

12-413. ANNUAL REPORT BY LICENSEE.

ON OR BEFORE APRIL 30 OF EACH YEAR, EACH LICENSEE SHALL
FILE WITH THE BANK COMMISSIONER AN ANNUAL REPORT THAT:

(1)   CONTAINS THE INFORMATION THAT THE BANK
COMMISSIONER REQUIRES ABOUT THE BUSINESS OF THE LICENSEE
DURING THE PREVIOUS LICENSE YEAR;

(2)   IS ON THE FORM THAT THE BANK COMMISSIONER
REQUIRES; AND

(3)   IS SIGNED AND VERIFIED BY THE LICENSEE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §
219(a).

In item (3) of this section, the phrase "signed
and verified" is substituted for the requirement
that the report be "under oath". See § 1—202 of
this article.

12-414. REQUIRED CASH OR LIQUID ASSETS.

(A)       DRAFTS DRAWN ON FINANCIAL INSTITUTION.

(1)       IF ANY DRAFTS SOLD BY A LICENSEE, WHETHER
DIRECTLY OR THROUGH ITS AGENTS, ARE DRAWN ON A FINANCIAL
INSTITUTION, THE LICENSEE SHALL DEPOSIT ALL OF THE PROCEEDS
FROM THEIR SALE IN THE FINANCIAL INSTITUTION ON WHICH THEY
ARE DRAWN.

(2)       THE DEPOSITS SHALL BE MADE WITHIN 48 HOURS
AFTER THE NEXT REGULAR BUSINESS DAY FOLLOWING THE SALE OF
THESE DRAFTS.

(B)       DRAFTS PAYABLE BY LICENSEE.

(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;