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Ch. 539
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2002 LAWS OF MARYLAND
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(II) BY THE BUDGET AMENDMENT PROCEDURE PROVIDED FOR IN §
7-209 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
(3) IF, IN ANY GIVEN FISCAL YEAR, THE AMOUNT OF THE REVENUE
COLLECTED BY THE COMMISSIONER AND DEPOSITED INTO THE FUND EXCEEDS THE
ACTUAL APPROPRIATION FOR THE COMMISSIONER TO REGULATE THE BUSINESS OF
MONEY TRANSMISSION UNDER THIS SUBTITLE, THE EXCESS AMOUNT SHALL BE
CARRIED FORWARD WITHIN THE FUND.
(F) (1) THE STATE TREASURER IS THE CUSTODIAN OF THE FUND.
(2) THE STATE TREASURER SHALL DEPOSIT PAYMENTS RECEIVED FROM
THE COMMISSIONER INTO THE FUND.
(G) (1) THE FUND IS A CONTINUING, NONLAPSING FUND AND IS NOT
SUBJECT TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE, AND MAY
NOT BE DEEMED A PART OF THE GENERAL FUND OF THE STATE.
(2) UNLESS OTHERWISE PROVIDED BY LAW, NO PART OF THE FUND MAY
REVERT OR BE CREDITED TO:
(I) THE GENERAL FUND OF THE STATE; OR
(II) A SPECIAL FUND OF THE STATE.
[12-404.] 12-405.
A person may not engage in the business of [transmitting money] MONEY
TRANSMISSION IF THAT PERSON, OR THE PERSON WITH WHOM THAT PERSON
ENGAGES IN THE BUSINESS OF MONEY TRANSMISSION, IS LOCATED IN THE STATE
unless [the] THAT person:
(1) Is licensed by the Commissioner;
(2) Is an [agent] AUTHORIZED DELEGATE of a licensee under whose
name the BUSINESS OF money [is transmitted] TRANSMISSION OCCURS; or
(3) Is a person exempted from licensing under this subtitle.
[12-405.] 12-106.
(A) To qualify for a license, an applicant shall satisfy the Commissioner that
the applicant:
[(1) Is trustworthy and reputable;
(2) Has a good business reputation;
(3) Has sufficient business experience;
(4) Will keep at all times the permissible investments required under §
12-414 of this subtitle; and
(5) Has a net worth of at least $100,000, computed according to generally
accepted accounting principles.]
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