|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
S.B. 450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-102.
(A) THIS SUBTITLE DOES NOT APPLY TO CHECK CASHING SERVICES:
(1) (I) FOR WHICH A FEE OF $2 $4 UP TO 2% 1.5% OF THE FACE AMOUNT
OF THE PAYMENT INSTRUMENT, BUT NOT EXCEEDING $10, OR LESS IS CHARGED PER
PAYMENT INSTRUMENT; AND
(II) THAT ARE INCIDENTAL TO THE RETAIL SALE OF GOODS OR
SERVICES BY THE PERSON THAT IS PROVIDING THE CHECK CASHING SERVICES:
(2) IN WHICH A CUSTOMER PRESENTS A PAYMENT INSTRUMENT FOR
THE EXACT AMOUNT OF A PURCHASE; OR
(3) INVOLVING FOREIGN CURRENCY EXCHANGE SERVICES OR THE
CASHING OF A PAYMENT INSTRUMENT DRAWN ON A FINANCIAL INSTITUTION OTHER
THAN A FEDERAL, STATE, OR OTHER STATE FINANCIAL INSTITUTION.
(B) (1) THIS SUBTITLE DOES NOT APPLY TO A TRANSACTION THAT IS
SUBJECT TO THE MARYLAND CONSUMER LOAN LAW (TITLE 12, SUBTITLE 3 OF THE
COMMERCIAL LAW ARTICLE AND TITLE 11, SUBTITLE 2 OF THE FINANCIAL
INSTITUTIONS ARTICLE), INCLUDING A TRANSACTION IN WHICH AN ADDITIONAL FEE
IS CHARGED TO DEFER THE PRESENTMENT OR DEPOSIT OF A PAYMENT
INSTRUMENT UNTIL A SUBSEQUENT DATE.
(2) A CHECK CASHING SERVICE IS NOT SUBJECT TO THE MARYLAND
CONSUMER LOAN LAW IF:
(I) THE FEE CHARGED FOR THE CHECK CASHING SERVICE DOES
NOT EXCEED THE FEE PERMITTED UNDER THIS SUBTITLE;
(II) NO ADDITIONAL FEE IS CHARGED EXCEPT AS PERMITTED
UNDER THIS SUBTITLE TO DEFER THE PRESENTMENT OR DEPOSIT OF THE PAYMENT
INSTRUMENT; AND
(III) THE CHECK CASHING SERVICE IS NOT SUBJECT TO RENEWAL
OR EXTENSION BY ANY MEANS.
12-103.
SECTIONS 12-106, 12-107, AND 12-108(C) AND (D)(2) OF THIS SUBTITLE DO NOT
APPLY TO;
(1) A BANKING INSTITUTION;
(2) A NATIONAL BANKING ASSOCIATION;
(3) A FEDERAL OR STATE SAVINGS AND LOAN ASSOCIATION;
(4) A FEDERAL OR STATE CREDIT UNION; OR
(5) AN OTHER STATE BANK HAVING A BRANCH IN THIS STATE.
(A) THIS SUBTITLE DOES NOT APPLY TO:
|
|
|
|
|
|
|
|
|
- 3871 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
