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S.B. 774
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VETOES
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(2) ANY OTHER EXPENSE AUTHORIZED IN THE STATE BUDGET.
(E) (1) ALL THE COSTS AND EXPENSES OF THE COMMISSIONER RELATING
TO THE REGULATION OF THE BUSINESS OF MONEY TRANSMISSION UNDER THIS
SUBTITLE SHALL BE INCLUDED IN THE STATE BUDGET.
(2) ANY EXPENDITURES FROM THE FUND TO COVER COSTS AND
EXPENSES OF THE COMMISSIONER MAY BE MADE ONLY;
(I) WITH AN APPROPRIATION FROM THE FUND APPROVED BY THE
GENERAL ASSEMBLY IN THE ANNUAL STATE BUDGET; OR
(II) BY THE BUDGET AMENDMENT PROCEDURE PROVIDED FOR IN §
7-209 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
(3) IF, IN ANY GIVEN FISCAL YEAR, THE AMOUNT OF THE REVENUE
COLLECTED BY THE COMMISSIONER AND DEPOSITED INTO THE FUND EXCEEDS THE
ACTUAL APPROPRIATION FOR THE COMMISSIONER TO REGULATE THE BUSINESS OF
MONEY TRANSMISSION UNDER THIS SUBTITLE, THE EXCESS AMOUNT SHALL BE
CARRIED FORWARD WITHIN THE FUND.
(F) (1) THE STATE TREASURER IS THE CUSTODIAN OF THE FUND.
(2) THE STATE TREASURER SHALL DEPOSIT PAYMENTS RECEIVED FROM
THE COMMISSIONER INTO THE FUND.
(G) (1) THE FUND IS A CONTINUING, NONLAPSING FUND AND IS NOT
SUBJECT TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE, AND MAY
NOT BE DEEMED A PART OF THE GENERAL FUND OF THE STATE.
(2) UNLESS OTHERWISE PROVIDED BY LAW, NO PART OF THE FUND MAY
REVERT OR BE CREDITED TO:
(I) THE GENERAL FUND OF THE STATE; OR
(II) A SPECIAL FUND OF THE STATE.
[12-404.] 12-405.
A person may not engage in the business of [transmitting money] MONEY
TRANSMISSION IF THAT PERSON, OR THE PERSON WITH WHOM THAT PERSON
ENGAGES IN THE BUSINESS OF MONEY TRANSMISSION, IS LOCATED IN THE STATE
unless [the] THAT person:
(1) Is licensed by the Commissioner;
(2) Is an [agent] AUTHORIZED DELEGATE of a licensee under whose
name the BUSINESS OF money [is transmitted] TRANSMISSION OCCURS; or
(3) Is a person exempted from licensing under this subtitle.
[12-405.] 12-406.
(A) To qualify for a license, an applicant shall satisfy the Commissioner that
the applicant:
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- 4850 -
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