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S.B. 774
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VETOES
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Section 12-404, 12-408, 12-414, 12-415, 12-417, 12-424, 12-425, 12-427,
12-430, and 12-431
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
BY repealing
Article - Financial Institutions
Section 12-412, 12-422, and 12-424
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Financial Institutions
Subtitle 4. [Sellers of Money Orders and Traveler's Checks] MARYLAND MONEY
TRANSMISSION ACT.
12-401.
(a) In this subtitle the following words have the meanings indicated.
(B) (1) "ACCELERATED MORTGAGE PAYMENT SERVICE" MEANS THE
SERVICE OF RECEIVING FUNDS FROM A MORTGAGOR FOR THE PURPOSE OF MAKING
MORTGAGE PAYMENTS TO A MORTGAGEE ON BEHALF OF THE MORTGAGOR IN
ORDER TO EXCEED THE REGULARLY SCHEDULED MINIMUM PAYMENT OBLIGATION
UNDER THE TERMS OF THE MORTGAGE.
(2) "ACCELERATED MORTGAGE PAYMENT SERVICE" DOES NOT INCLUDE
THE COLLECTION BY A MORTGAGEE OF ACCELERATED PAYMENTS FROM THE
MORTGAGEE'S OWN MORTGAGORS.
[(b)] (C) (1) ["Agent"] "AUTHORIZED DELEGATE" means a person who is
authorized by a licensee to [transmit money] ENGAGE IN THE BUSINESS OF MONEY
TRANSMISSION under the name of the licensee at any location other than the place of
business specified in the license.
(2) ["Agent"] "AUTHORIZED DELEGATE" does not include a branch office
of a licensee.
(D) (1) "BILL PAYER SERVICE" MEANS THE SERVICE OF RECEIVING FUNDS
FROM AN OBLIGOR FOR THE PURPOSE OF PAYING THE OBLIGOR'S BILLS, INVOICES,
MORTGAGES, OR ACCOUNTS.
(2) "BILL PAYER SERVICE" DOES NOT INCLUDE THE SERVICE
DESCRIBED IN PARAGRAPH (1) OF THIS SUBSECTION THAT IS PROVIDED BY A
NONPROFIT ORGANIZATION THAT IS EXEMPT FROM TAXATION UNDER § 501(C)(3) OF
THE INTERNAL REVENUE CODE.
(E) "CONTROL" MEANS:
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- 4844 -
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