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Ch. 539
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2002 LAWS OF MARYLAND
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(IV) WILLFULLY FAILS TO MAKE A REPORT REQUIRED UNDER THIS
SUBTITLE;
(V) IS CONVICTED UNDER THE LAWS OF THE UNITED STATES OR
ANY STATE OF A FELONY OR A MISDEMEANOR THAT IS DIRECTLY RELATED TO THE
FITNESS AND QUALIFICATION OF THE PERSON TO ENGAGE IN THE BUSINESS OF
MONEY TRANSMISSION;
(VI) IN CONNECTION WITH ANY MONEY TRANSMISSION
TRANSACTION:
1. COMMITS A FRAUD;
2. ENGAGES IN AN ILLEGAL OR DISHONEST ACTIVITY; OR
3. MISREPRESENTS OR FAILS TO DISCLOSE A MATERIAL
FACT TO ANYONE ENTITLED TO KNOW THAT INFORMATION A GOVERNMENTAL
AGENCY;
(VII) VIOLATES ANY PROVISION OF THIS SUBTITLE OR ANY
REGULATION ADOPTED UNDER THIS SUBTITLE, OR ANY OTHER LAW REGULATING
THE BUSINESS OF MONEY TRANSMISSION; OR
(VIII) OTHERWISE DEMONSTRATES UNWORTHINESS, BAD FAITH,
DISHONESTY, OR ANY OTHER QUALITY THAT INDICATES THAT THE BUSINESS OF THE
LICENSEE HAS NOT BEEN OR WILL NOT BE CONDUCTED HONESTLY, FAIRLY,
EQUITABLY, AND EFFICIENTLY; OR
(2) THE LICENSEE:
(I) HAS INADEQUATE NET WORTH AND THE LICENSEE, AFTER 10
DAYS' WRITTEN NOTICE FROM THE COMMISSIONER, FAILS TO TAKE STEPS THAT THE
COMMISSIONER DEEMS NECESSARY TO REMEDY THE DEFICIENCY;
(II) BECOMES INSOLVENT;
(III) HAS SUSPENDED PAYMENT OF ITS OBLIGATIONS, MADE AN
ASSIGNMENT FOR THE BENEFIT OF ITS CREDITORS, OR ADMITTED ITS INABILITY TO
PAY ITS DEBTS AS THEY BECOME DUE; OR
(IV) HAS APPLIED FOR AN ADJUDICATION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, OR OTHER RELIEF UNDER ANY BANKRUPTCY
PROCEEDING.
[(b) The Commissioner shall begin proceedings to revoke the license of any
licensee who the Commissioner finds ceases to meet the requirements for licensure.)
(B) IN DETERMINING WHETHER A LICENSE SHOULD BE SUSPENDED OR
REVOKED FOR A REASON IDENTIFIED IN SECTION (A)(1)(V) OF THIS SECTION, THE
COMMISSIONER SHALL CONSIDER:
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(1) THE NATURE OF THE CRIME;
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- 4084 -
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