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Ch. 539
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2002 LAWS OF MARYLAND
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(b) A licensee shall require each [agent] AUTHORIZED DELEGATE to[:
(1) Hold in trust from the moment of receipt the proceeds of a money
transmission. An agent may not commingle the proceeds with his own property or
funds, except to use the funds in the ordinary course of its business for the purpose of
making change and cashing instruments, and except to remit the proceeds to the
licensee in an amount equal to that due the licensee as a result of money
transmissions by the agent or subagent. If any agent of a licensee commingles any
proceeds received from money transmissions by the licensee with any other funds or
property owned or controlled by the agent, all commingled proceeds and other
property shall be impressed with a trust in favor of such licensee in an amount equal
to the amount of the proceeds due the licensee from money transmissions less the
amount due the agent from the sale.
(2) Within] WITHIN 48 hours [of] AFTER the next regular business day
after the [agent] AUTHORIZED DELEGATE receives the [money] PROCEEDS FROM A
MONEY TRANSMISSION, remit the [money] PROCEEDS to the licensee or the
licensee's authorized representative, or deposit the [money] PROCEEDS in the
licensee's account with a financial institution.
(c) Deposit by the [agent] AUTHORIZED DELEGATE in an account with a
financial institution of funds in advance of money transmissions, but in an amount
not less than the amount that the [agent] AUTHORIZED DELEGATE would normally
receive from money transmissions, constitutes compliance with this section.
[12-415.] 12-419.
(a) The original buyer of a payment instrument may request a duplicate of the
instrument if the request is:
(1) In writing; and
(2) If required by the licensee, accompanied by:
(i) An affidavit that gives the reason for the request and states the
facts relating to the loss of or other failure to produce the original payment
instrument; and
(ii) A. personal indemnity bond or, if the total amount of the
payment instruments for which a duplicate is requested is [$50] $150 or more, a lost
instrument corporate bond instead of a personal indemnity bond.
(b) Each licensee shall issue or refuse to issue a duplicate payment instrument
within 30 days after a request for the duplicate is made under this section.
[12-416.] 12-120.
Except as permitted by § 17-308.1 of the Commercial Law Article, a licensee OR
ITS AUTHORIZED DELEGATE may not charge a service fee, NOT TO EXCEED $5. to any
original buyer who redeems an unused payment instrument.
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- 4080 -
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