HARRY HUGHES, Governor                                   633

DUPLICATE DRAFT WITHIN 30 DAYS AFTER A REQUEST FOR THE
DUPLICATE IS MADE UNDER THIS SECTION.

REVISOR'S NOTE: This section presently appears as Art.
11, § 219A(a) and (b).

Subsection (a) (2) (ii) of this section is revised
to avoid the implication of present Art. 11, §
219A(b) that the licensee may require both a
personal indemnity bond and a lost instrument
corporate bond.

The only changes are in style.

12-416. REDEMPTION OF UNUSED DRAFTS.

A LICENSEE MAY NOT CHARGE A SERVICE FEE TO ANY ORIGINAL
BUYER WHO REDEEMS AN UNUSED DRAFT.

REVISOR'S NOTE: This section presently appears as Art.
11, § 219A(c).

In this section, present references to a "check"
and a "money order" are deleted as unnecessary in
light of the definition of "draft" in § 12-401 of
this subtitle.

The only other changes are in style.

12-417. STANDARD ACCOUNTING AND BOOKKEEPING PROCEDURES.

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.

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

The present references to an "authorized
representative" of the Bank Commissioner are
deleted as unnecessary since nothing in this
subtitle precludes the Bank Commissioner from
delegating those powers and duties.

12-418. VOLUNTARY SURRENDER OF LICENSE.

(A) IN GENERAL.

A LICENSEE MAY SURRENDER A LICENSE BY SENDING TO THE
BANK COMMISSIONER A WRITTEN STATEMENT THAT THE LICENSE IS
SURRENDERED.

(B) LIABILITY, BOND, AND FEES NOT AFFECTED.