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PARRIS N. GLENDENING, Governor
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Ch. 539
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(i) Have a market value equal to the amount required [by]
subsection [(d)] (E) of this section; and
(ii) Be held by the Commissioner to secure the same obligations as
are required to be secured by a SURETY bond under subsection [(b)] (C) of this
section.
(2) At any time, a licensee may exchange [deposited permissible]
investments for other [permissible] investments that meet the requirements of this
subsection.
(3) The Commissioner may sell or transfer [deposited permissible]
investments and [dispose of their proceeds only on the order of a court of competent
jurisdiction.] DISTRIBUTE THE PROCEEDS ON THE SAME BASIS AS PROVIDED FOR
CLAIMS AGAINST A SURETY BOND UNDER PARAGRAPH (C)(1) OF THIS SECTION.
(4) As long as a licensee is solvent, the licensee is entitled to receive any
interest or dividends earned by the [deposited permissible] investments.
(5) (I) The Commissioner may place the [deposited permissible]
investments in the custody of any qualified trust company [or national banking
association] in this State.
(II) The licensee shall pay the compensation of this custodian.
[(d)] (E) (1) The amount of the [bond to be filed with the Commissioner or
the fair market value of the permissible investments to be deposited with the
Commissioner] SURETY DEVICE shall be in an amount of not less than [$100,000
plus an additional amount of not less than $10,000 for each agent of the licensee, but
in no event shall the bond or fair market value of permissible investments exceed
$350,000, as set by the Commissioner] $150,000 AND NOT MORE THAN $1,000,000, AS
DETERMINED BY THE COMMISSIONER.
(2) In setting the amount of the [bond] SURETY DEVICE, the
Commissioner shall consider:
(i) The financial condition of the LICENSEE OR applicant;
(ii) [The number of places of business at which the applicant will be
transmitting money;] FOR A LICENSEE, THE AVERAGE MONTHLY OUTSTANDING
PAYMENT INSTRUMENTS OR OUTSTANDING MONEY TRANSMISSION LIABILITY FOR
THE PREVIOUS 12 MONTHS;
(III) FOR AN APPLICANT, THE PROJECTED MONTHLY PAYMENT
INSTRUMENT SALES AND MONEY TRANSMISSION VOLUME IN THE STATE, THE
BUSINESS EXPERIENCE, AND ANY OTHER FACTOR DEEMED APPROPRIATE; and
[(iii)] (IV) The potential loss of buyers and holders of payment
instruments or persons for whom or to whom money is transmitted if the applicant OR
LICENSEE becomes financially impaired.
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- 4073 -
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