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S.B. 450 VETOES
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(1) ANY BANK, TRUST COMPANY. SAVINGS BANK, SAVINGS AND LOAN
ASSOCIATION, OR CREDIT UNION INCORPORATED OR CHARTERED UNDER THE LAWS
OF THIS STATE OR THE UNITED STATES THAT MAINTAINS ITS PRINCIPAL OFFICE IN
THIS STATE;
(2) ANY OUT-OF-STATE BANK, AS DEFINED IN § 5-1001 OF THIS ARTICLE,
HAVING A BRANCH THAT ACCEPTS DEPOSITS IN THIS STATE; AND
(3) ANY INSTITUTION INCORPORATED UNDER FEDERAL LAW AS A
SAVINGS ASSOCIATION OR SAVINGS BANK THAT DOES NOT MAINTAIN ITS PRINCIPAL
OFFICE IN THIS STATE BUT HAS A BRANCH THAT ACCEPTS DEPOSITS IN THIS STATE.
(B) A SUBSIDIARY OR AFFILIATE OF AN INSTITUTION DESCRIBED IN
SUBSECTION (A) OF THIS SECTION IS EXEMPT FROM ALL REQUIREMENTS OF
LICENSING UNDER THIS SUBTITLE PROVIDED THE SUBSIDIARY OR AFFILIATE:
(1) IS SUBJECT TO AUDIT OR EXAMINATION BY A REGULATORY BODY OR
AGENCY OF THIS STATE, THE UNITED STATES, OR THE STATE WHERE THE
SUBSIDIARY OR AFFILIATE MAINTAINS ITS PRINCIPAL OFFICE; AND
(2) SUBMITS TO THE COMMISSIONER IN WRITING AND PRIOR TO
PROVIDING CHECK CASHING SERVICES THE FOLLOWING INFORMATION:
(I) THE SUBSIDIARY'S OR AFFILIATE'S NAME AND ADDRESS, AND
THE NAMES AND ADDRESSES OF EACH:
1. OWNER WHO OWNS 5% OR MORE OF THE SUBSIDIARY OR
AFFILIATE; AND
2. OFFICER, DIRECTOR, OR PRINCIPAL OF THE SUBSIDIARY
OR AFFILIATE;
(II) 1. EACH ADDRESS AT WHICH CHECK CASHING SERVICES
WILL BE PROVIDED; AND
2. IF A MOBILE UNIT WILL BE USED TO PROVIDE CHECK
CASHING SERVICES, THE VEHICLE IDENTIFICATION NUMBER OF THE MOBILE UNIT
AND THE GEOGRAPHIC AREA IN WHICH THE MOBILE UNIT WILL BE OPERATING; AND
(III) ANY OTHER INFORMATION THAT THE COMMISSIONER
REQUESTS.
(C) (1) AN EXEMPT ENTITY IS NOT SUBJECT TO THE PROVISIONS OF
12-106 THROUGH 12-112, INCLUSIVE, AND § 12-122 OF THIS SUBTITLE.
(2) AN EXEMPT ENTITY IS SUBJECT TO:
(I) THE PROVISIONS OF §§ 12-113 THROUGH 12-121, INCLUSIVE,
AND §§ 12-123 THROUGH 12-127, INCLUSIVE, OF THIS SUBTITLE; AND
(II) ANY REGULATION, EXCEPT TO THE EXTENT THE REGULATION
CONCERNS LICENSING, ADOPTED UNDER THIS SUBTITLE.
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- 3872 -
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