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PARRIS N. GLENDENING, Governor
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Ch. 539
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[12-417.] 12-421.
[(a) A determination as to the value of permissible investments of an applicant
or licensee shall be computed in accordance with recognized accounting principles.]
[(b)] If the Commissioner finds that the books, records, and accounting
procedures of a licensee are not adequate to enable the Commissioner to determine
whether the licensee is in compliance with this subtitle, the Commissioner may
require the licensee to HAVE A CERTIFIED PUBLIC ACCOUNTANT AUDIT THE
LICENSEE FOR ANY PERIOD OF TIME THE COMMISSIONER CONSIDERS NECESSARY
OR adopt standard, recognized accounting and bookkeeping procedures and records
for this purpose.
[12-418.] 12-422.
(a) (1) A licensee may surrender a license by sending to the Commissioner a
written statement that the license is surrendered.
(2) The statement shall [include] PROVIDE a listing, by identifying
number, face amount, and place of issue, of all outstanding payment instruments,
AND THE REASONS FOR THE LICENSE SURRENDER.
(b) The surrender of a license does not:
(1) Affect any civil or criminal liability of the licensee for acts committed
before the license is surrendered;
(2) Affect the [bond] SURETY DEVICE filed [or permissible investments
deposited] by the licensee; or
(3) Entitle the licensee to the return of any part of any fee.
[12-419.] 12-423.
(a) To discover any violations of this subtitle or to obtain any information
required by this subtitle, the Commissioner at any time may investigate the business
of:
(1) Any licensee;
(2) Any person who is engaged or participating in the business of
[transmitting money] MONEY TRANSMISSION, whether as AUTHORIZED DELEGATE,
principal, agent, or otherwise; and
(3) Any other person who the Commissioner has cause to believe is
violating this subtitle[,] OR ANY REGULATION ADOPTED UNDER THIS SUBTITLE
whether that person claims to be within or beyond the scope of this subtitle.
(b) For the purposes of this section, the Commissioner:
(1) Shall be given access to the place of business, books, papers, records,
safes, and vaults of the person under investigation; and
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- 4081 -
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