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PARRIS N. GLENDENING, Governor
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Ch. 539
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(i) Notify]
(2) THE WRITTEN REPORT REQUIRED UNDER PARAGRAPH (1) OF THIS
SUBSECTION SHALL BE SENT TO the Commissioner [of the action] by certified mail,
return receipt requested, bearing a postmark from the United States Postal Service,
within 10 days after the action is begun[;] and
[(ii) Include in the notice] INCLUDE details sufficient to identify the
[action] EVENT.
[(2) If judgment is entered against a licensee, the licensee shall:
(i) Notify the Commissioner of the judgment by registered mail
within 10 days after judgment is entered; and
(ii) Include in the notice details sufficient to identify the judgment.
(3) If a surety pays a claim or judgment against a licensee, the surety
shall:
(i) Notify the Commissioner of the payment by registered mail
within 10 days after the payment is made; and
(ii) Include in the notice details sufficient to identify the buyer or
holder of the payment instrument or person for whom or to whom money is
transmitted and the claim or judgment paid.]
(D) A LICENSEE PROMPTLY SHALL FILE WITH THE COMMISSIONER ANY
DEMAND BORROWING AGREEMENT OR AGREEMENTS INTO WHICH THE LICENSEE
MAY ENTER AS A PERMISSIBLE INVESTMENT OR A DEPOSIT IN LIEU OF A SURETY
BOND.
12-417.
A LICENSEE SHALL COMPLY WITH ALL FEDERAL AND STATE LAWS AND
REGULATIONS CONCERNING THE BUSINESS OF MONEY TRANSMISSION, MONEY
LAUNDERING, AND ABANDONED PROPERTY.
[12-414.] 12-418.
(a) (1) [EACH PERSON LICENSED TO TRANSMIT MONEY] SUBJECT TO THE
PROVISIONS OF PARAGRAPH (2) OF THIS SUBSECTION, A LICENSEE shall have at all
times permissible investments HAVING AN AGGREGATE [with a book or] market
value, CALCULATED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES [whichever is greater, that at least equals the total of the outstanding
money transmissions], OF NOT LESS THAN THE AGGREGATE FACE AMOUNT OF ALL
OUTSTANDING PAYMENT INSTRUMENTS ISSUED OR SOLD BY THE LICENSEE IN THE
UNITED STATES.
(2) THE REQUIREMENT IMPOSED UNDER PARAGRAPH (1) OF THIS
SUBSECTION MAY BE WAIVED BY THE COMMISSIONER IF THE DOLLAR VOLUME OF A
LICENSEE'S OUTSTANDING PAYMENT INSTRUMENTS DOES NOT EXCEED THE
SURETY DEVICE FILED IN ACCORDANCE WITH § 12-412 OF THIS SUBTITLE.
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- 4079 -
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