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PARRIS N. GLENDENING, Governor
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Ch. 539
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(1) IS OF GOOD MORAL CHARACTER AND HAS SUFFICIENT FINANCIAL
RESPONSIBILITY, BUSINESS EXPERIENCE, AND GENERAL FITNESS TO:
(I) ENGAGE IN THE BUSINESS OF MONEY TRANSMISSION;
(II) WARRANT THE BELIEF THAT THE BUSINESS OF MONEY
TRANSMISSION WILL BE CONDUCTED LAWFULLY, HONESTLY, FAIRLY, AND
EFFICIENTLY; AND
(III) COMMAND THE CONFIDENCE OF THE PUBLIC;
(2) WILL KEEP AT ALL TIMES THE PERMISSIBLE INVESTMENTS
REQUIRED UNDER § 12-418 OF THIS SUBTITLE;
(3) HAS A NET WORTH COMPUTED ACCORDING TO GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES OF AT LEAST $150,000, PLUS AN ADDITIONAL
NET WORTH OF $10,000 FOR EACH ADDITIONAL LOCATION OR AUTHORIZED
DELEGATE, UP TO A MAXIMUM OF $500,000 AS PROVIDED IN SUBSECTION (B) OF THIS
SECTION; AND
(4) HAS AT LEAST 3 YEARS OF EXPERIENCE IN THE BUSINESS OF MONEY
TRANSMISSION OR OTHER RELATED FINANCIAL SERVICES BUSINESS UNDER THE
FOLLOWING CONDITIONS:
(I) IF THE APPLICANT IS A SOLE PROPRIETOR, THE APPLICANT
SHALL HAVE THE REQUIRED EXPERIENCE;
(II) IF THE APPLICANT IS A JOINT VENTURE OR PARTNERSHIP, AT
LEAST ONE OF THE COVENTURERS OR GENERAL PARTNERS SHALL HAVE THE
REQUIRED EXPERIENCE; AND
(III) IF THE APPLICANT IS ANY OTHER TYPE OF BUSINESS, AT LEAST
ONE OF THE PRINCIPAL OFFICERS OR MEMBERS SHALL HAVE THE REQUIRED
EXPERIENCE.
(B) THE COMMISSIONER MAY REQUIRE A NET WORTH OF UP TO $500,000,
SUBJECT TO CONSIDERATION OF THE FOLLOWING:
(1) THE NATURE AND VOLUME OF THE BUSINESS OR PROPOSED
BUSINESS OF THE APPLICANT;
(2) THE AMOUNT, NATURE, QUALITY, AND LIQUIDITY OF THE ASSETS OF
THE APPLICANT;
(3) THE AMOUNT AND NATURE OF THE LIABILITIES, INCLUDING
CONTINGENT LIABILITIES, OF THE APPLICANT;
(4) THE HISTORY OF, AND PROSPECTS FOR, THE APPLICANT TO EARN
AND RETAIN INCOME;
(5) THE QUALITY OF THE OPERATIONS OF THE APPLICANT;
(6) THE QUALITY OF THE MANAGEMENT OF THE APPLICANT;
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- 4065 -
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