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PARRIS N. GLENDENING, Governor
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S.B. 774
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House Bill 715, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 774.
Sincerely,
Parris N. Glendening
Governor
Senate Bill No. 774
AN ACT concerning
Maryland Money Transmission Act
FOR the purpose of prohibiting a person from engaging in the business of money
transmission unless licensed by the Commissioner of Financial Regulation;
altering the scope of certain provisions of law relating to money transmission;
establishing a certain Money Transmission Fund; specifying certain
qualifications for a licensee; requiring an applicant to provide certain
information, pay certain fees, file certain evidence of a surety device, and
provide fingerprints under certain circumstances; requiring the Commissioner
to investigate and approve or deny each applicant; requiring a licensee to
display a certain consumer protection notice; requiring a surety device to satisfy
certain requirements; imposing certain requirements and restrictions on an
authorized delegate of a licensee; requiring a licensee to file certain notices and
reports with the Commissioner; requiring a licensee to have certain permissible
investments; altering a certain provision to authorize licensees to charge a
certain service fee, not to exceed a certain amount, to certain buyers;
authorizing the Commissioner to investigate certain persons for any violation of
this Act; authorizing the Commissioner to conduct an on-site examination of a
licensee and suspend or revoke a license under certain circumstances;
authorizing the Commissioner to take certain actions to enforce the provisions of
this Act; providing for certain notice and hearing requirements under certain
circumstances; providing certain criminal penalties for a violation of this Act;
establishing a certain short title; defining certain terms; making stylistic
changes; and generally relating to the Maryland Money Transmission Act.
BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 12-401 through 12-411, inclusive, 12-413 through 12-421, inclusive,
and 12-423 to be under the amended subtitle "Subtitle 4. Maryland Money
Transmission Act"
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
BY adding to
Article - Financial Institutions
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- 4843 -
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