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PARRIS N. GLENDENING, Governor
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Ch. 539
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CHAPTER 539
(House Bill 715)
AN ACT concerning
Maryland Money Transmission Act
FOR the purpose of prohibiting a person from engaging in the business of money
transmission unless licensed by the Commissioner of Financial Regulation;
altering the scope of certain provisions of law relating to money transmission;
establishing a certain Money Transmission Fund; specifying certain
qualifications for a licensee; requiring an applicant to provide certain
information, pay certain fees, file certain evidence of a surety device, and
provide fingerprints under certain circumstances; requiring the Commissioner
to investigate and approve or deny each applicant; requiring a licensee to
display a certain consumer protection notice; requiring a surety device to satisfy
certain requirements; imposing certain requirements and restrictions on an
authorized delegate of a licensee; requiring a licensee to file certain notices and
reports with the Commissioner; requiring a licensee to have certain permissible
investments; altering a certain provision to authorize licensees to charge a
certain service fee, not to exceed a certain amount, to certain buyers;
authorizing the Commissioner to investigate certain persons for any violation of
this Act; authorizing the Commissioner to conduct an on-site examination of a
licensee and suspend or revoke a license under certain circumstances;
authorizing the Commissioner to take certain actions to enforce the provisions of
this Act; providing for certain notice and hearing requirements under certain
circumstances; providing certain criminal penalties for a violation of this Act;
establishing a certain short title; defining certain terms; making stylistic
changes; and generally relating to the Maryland Money Transmission Act.
BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 12-401 through 12-411, inclusive, 12-413 through 12-421, inclusive,
and 12-423 to be under the amended subtitle "Subtitle 4. Maryland Money
Transmission Act"
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
BY adding to
Article - Financial Institutions
Section 12-404, 12-408, 12-414, 12-415, 12-417, 12-424, 12-425, 12-427,
12-430, and 12-431
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
BY repealing
Article - Financial Institutions
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- 4057 -
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