PARRIS N. GLENDENING, Governor                          H.B. 1447

[ 5-1108.

(a)     The Commissioner shall closely monitor the activities of each merger,
conversion, or acquisition made under this subtitle and report to the General Assembly,
as provided under § 2-1312 of the State Government Article, by October 1 of each year,
on the effects of emergency interstate acquisitions.

(b)    The report shall include, at a minimum:

(1)     An evaluation of the compliance in regard to the information in the plan
of acquisition submitted under § 5-1103(b) of this subtitle;

(2)     Any other information the Commissioner may consider relevant or that
the General Assembly may request;

(3)     The number of applications submitted, approved, and denied; and

(4)     The impact of emergency interstate acquisitions on existing financial
institutions.]

12-411.

(a) Each agent that a licensee names under a license is the designated agent of
the licensee for all purposes in connection with the licensee's business under that license.
ANY VIOLATION OF THIS SUBTITLE BY ANY AGENT OF A LICENSEE SHALL BE
DEEMED TO BE THE RESPONSIBILITY OF THE LICENSEE-

(b) [Each licensee shall pay to the Commissioner, as provided in this section, an
annual agent fee of $4 for each agent of the licensee who is not a person exempted from
the licensing provisions of this subtitle by § 12-102 of this subtitle.] EACH AGENT THAT
A LICENSEE NAMES UNDER A LICENSE SHALL BE AUTHORIZED BY AN EXPRESS
WRITTEN CONTRACT, WHICH, FOR CONTRACTS ENTERED INTO AFTER OCTOBER 1,
1997, SHALL PROVIDE THE FOLLOWING:

(1) THAT THE LICENSEE APPOINTS THE PERSON AS ITS AGENT WITH
AUTHORITY TO ENGAGE IN THE BUSINESS OF MONEY TRANSMISSION ON BEHALF OF
THE LICENSEE;

(2) THAT NEITHER THE LICENSEE NOR THE AGENT MAY AUTHORIZE
SUBAGENTS WITHOUT WRITTEN CONSENT OF THE COMMISSIONER; AND

(3) THAT THE AGENT IS SUBJECT TO SUPERVISION AND REGULATION
BY THE COMMISSIONER.

(e) [With the application for a new license, the applicant shall pay for that license
year the required agent fee for each agent who is named in the application and for whom
a fee is required under subsection (b) of this section.]—COPIES OF ALL SUCH
CONTRACTS SHALL BE MADE AVAILABLE TO THE COMMISSIONER, UPON REQUEST.

(d) (1) On or before JANUARY 10 AND July 10 of each year, each licensee shall
file with the Commissioner a report that:

(i) Is in the form that the Commissioner requires; and
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