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Ch. 539
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2002 LAWS OF MARYLAND
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[(e)] (F) (1) If the principal amount of a [bond] SURETY DEVICE is reduced
by a payment of a claim or judgment, the licensee shall file with the Commissioner
EVIDENCE OF any new or additional [bond] SURETY DEVICE in the amount that the
Commissioner sets.
(2) If the Commissioner at any time believes that the [bond] SURETY
DEVICE [filed or permissible investments deposited under this section are insecure]
IS INSUFFICIENT, exhausted, or otherwise unsatisfactory, the Commissioner may
require EVIDENCE OF an additional [bond] SURETY DEVICE to be filed [or additional
or substitute permissible investments to be deposited] by the licensee. Within 30 days
after the Commissioner makes a written demand for the new [bond] SURETY DEVICE
[or permissible investments], the licensee shall file the EVIDENCE OF THE new [bond
or deposit the new permissible investments] SURETY DEVICE.
(G) A PENALTY IMPOSED UNDER § 12-426(E)(3) 12-426(E)(2) OF THIS SUBTITLE
MAY BE PAID AND COLLECTED FROM THE PROCEEDS OF A SURETY DEVICE.
[12-411.] 12-413.
(a) Each [agent] AUTHORIZED DELEGATE that a licensee [names] APPOINTS
under a license is the designated agent of the licensee for all purposes in connection
with the licensee's business under that license. Each licensee under this subtitle is
liable for the payment of all money transmitted and payment instruments sold by the
licensee, in whatever form, directly or through an [agent] AUTHORIZED DELEGATE.
(b) Each [agent] AUTHORIZED DELEGATE that a licensee [names] APPOINTS
under a license shall be authorized by an express written contract, which [, for
contracts entered into after October 1, 1997,] shall provide [the following]:
(1) That' the licensee appoints the person as its [agent] AUTHORIZED
DELEGATE with authority to engage in the business of money transmission on behalf
of the licensee;
(2) That neither the licensee nor the [agent] AUTHORIZED DELEGATE
may authorize subagents OR SUBAUTHORIZED DELEGATES without written consent
of the Commissioner; [and]
(3) That the [agent] AUTHORIZED DELEGATE is subject to supervision,
EXAMINATION, and regulation by the Commissioner; AND
(4) THAT THE AUTHORIZED DELEGATE WILL OPERATE IN FULL
COMPLIANCE WITH ALL APPLICABLE LAWS AND REGULATIONS.
(C) THE LICENSEE SHALL PROVIDE TO EACH AUTHORIZED DELEGATE A
WRITTEN COPY OF THE LICENSEE'S OPERATING POLICIES AND PROCEDURES, WHICH
SHALL BE UPDATED ON A REASONABLE PERIODIC BASIS.
[(c)] (D) Copies of all [such] contracts REQUIRED UNDER THIS SECTION shall
be made available to the Commissioner, upon request.
[(d) (1) On or before January 10 and July 10 of each year, each licensee shall
file with the Commissioner a report that:
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- 4074 -
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