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Ch. 539
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2002 LAWS OF MARYLAND
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(b) On or before [April 30 of each year, or on or before] 120 days after the
close of the fiscal year of the licensee,[ whichever is later,] each licensee shall file
with the Commissioner an annual report that:
[(1) Contains the information that the Commissioner requires about the
business of the licensee during the previous license year;
(2) Is on the form that the Commissioner requires; and
(3) Is signed and verified by the licensee.]
(1) INCLUDES FINANCIAL STATEMENTS OF THE LICENSEE AUDITED BY
A CERTIFIED PUBLIC ACCOUNTANT AND PREPARED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR THE PREVIOUS CALENDAR
YEAR;
(2) STATES THE NUMBER AND AGGREGATE DOLLAR AMOUNT OF
PAYMENT INSTRUMENTS ISSUED OR SOLD AND THE AGGREGATE NUMBER AND
DOLLAR AMOUNT OF MONEY TRANSMISSIONS DURING THE PREVIOUS CALENDAR
YEAR;
(3) CONTAINS ANY OTHER INFORMATION THE COMMISSIONER
REASONABLY REQUIRES;
(4) IS ON A FORM THAT THE COMMISSIONER REQUIRES; AND
(5) IS SIGNED BY AN EXECUTIVE OFFICER OF THE LICENSEE WHO
CERTIFIES UNDER OATH THAT THE INFORMATION IN THE REPORT IS TRUE BASED
ON THE EXECUTIVE OFFICER'S KNOWLEDGE OF THE MATTERS IN THE REPORT.
(C) (1) WITHIN 15 DAYS AFTER THE OCCURRENCE OF ANY OF THE
FOLLOWING EVENTS, A LICENSEE SHALL FILE A WRITTEN REPORT WITH THE
COMMISSIONER DESCRIBING THE EVENT AND ITS EXPECTED IMPACT ON THE
LICENSEE'S ACTIVITIES IN THE STATE:
(I) THE FILING FOR BANKRUPTCY OR REORGANIZATION BY THE
LICENSEE;
(II) THE INSTITUTION OF REVOCATION OR SUSPENSION
PROCEEDINGS AGAINST THE LICENSEE BY ANY STATE OR GOVERNMENTAL
AUTHORITY WITH REGARD TO THE LICENSEES MONEY TRANSMISSION ACTIVITIES
IN ANY STATE;
(III) ANY FELONY INDICTMENT OR CONVICTION OF THE LICENSEE
OR ANY OF ITS OFFICERS OR DIRECTORS RELATED TO MONEY TRANSMISSION
ACTIVITIES;
[(c) (1)] (IV) [If] THE COMMENCEMENT OF ANY CIVIL ACTION BY a buyer or
holder of a payment instrument or person for whom or to whom money is transmitted
[brings an action] against a licensee; AND
(V) THE FILING OF ANY MATERIAL LITIGATION AGAINST THE
LICENSEE.[, the licensee shall:
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- 4078 -
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