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PARRIS N. GLENDENING, Governor
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Ch. 539
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12-403.
[The Commissioner may] TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE,
THE COMMISSIONER MAY:
(1) [adopt] ADOPT rules and regulations [to carry out the provisions of
this subtitle.];
(2) ENTER INTO COOPERATIVE AND INFORMATION SHARING
AGREEMENTS WITH ANY FEDERAL OR STATE AGENCY HAVING SUPERVISORY
RESPONSIBILITY OVER THE BUSINESS OF MONEY TRANSMISSION; AND
(3) PROVIDE ANY FEDERAL OR STATE AGENCY HAVING SUPERVISORY
RESPONSIBILITY OVER MONEY TRANSMISSION WITH ANY DOCUMENTS OR OTHER
INFORMATION.
12-404.
(A) IN THIS SECTION, "FUND" MEANS THE MONEY TRANSMISSION FUND
ESTABLISHED UNDER THIS SECTION.
(B) THERE IS A MONEY TRANSMISSION FUND THAT CONSISTS OF:
(1) ALL REVENUE RECEIVED FOR THE LICENSING OF PERSONS WHO
ENGAGE IN THE BUSINESS OF MONEY TRANSMISSION UNDER THIS SUBTITLE;
(2) INCOME FROM THE INVESTMENTS THAT THE STATE TREASURER
MAKES FOR THE FUND; AND
(3) ANY OTHER FEE, EXAMINATION ASSESSMENT, OR REVENUE
RECEIVED BY THE COMMISSIONER UNDER THIS SUBTITLE.
(C) NOTWITHSTANDING SUBSECTION (B) OF THIS SECTION, THE
COMMISSIONER SHALL PAY ALL FINES AND PENALTIES COLLECTED BY THE
COMMISSIONER UNDER THIS SUBTITLE INTO THE GENERAL FUND OF THE STATE.
(D) THE PURPOSE OF THE FUND IS TO PAY ALL THE COSTS AND EXPENSES
INCURRED BY THE COMMISSIONER THAT ARE RELATED TO THE REGULATION OF THE
BUSINESS OF MONEY TRANSMISSION UNDER THIS SUBTITLE, INCLUDING:
(1) EXPENDITURES AUTHORIZED UNDER THIS SUBTITLE; AND
(2) ANY OTHER EXPENSE AUTHORIZED IN THE STATE BUDGET.
(E) (1) ALL THE COSTS AND EXPENSES OF THE COMMISSIONER RELATING
TO THE REGULATION OF THE BUSINESS OF MONEY TRANSMISSION UNDER THIS
SUBTITLE SHALL BE INCLUDED IN THE STATE BUDGET.
(2) ANY EXPENDITURES FROM THE FUND TO COVER COSTS AND
EXPENSES OF THE COMMISSIONER MAY BE MADE ONLY:
(I) WITH AN APPROPRIATION FROM THE FUND APPROVED BY THE
GENERAL ASSEMBLY IN THE ANNUAL STATE BUDGET; OR
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- 4063 -
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