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S.B. 774
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VETOES
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(ii) [The number of places of business at which the applicant will be
transmitting money;] FOR A LICENSEE, THE AVERAGE MONTHLY OUTSTANDING
PAYMENT INSTRUMENTS OR OUTSTANDING MONEY TRANSMISSION LIABILITY FOR
THE PREVIOUS 12 MONTHS;
(III) FOR AN APPLICANT, THE PROJECTED MONTHLY PAYMENT
INSTRUMENT SALES AND MONEY TRANSMISSION VOLUME IN THE STATE, THE
BUSINESS EXPERIENCE, AND ANY OTHER FACTOR DEEMED APPROPRIATE; and
[(iii)] (IV) The potential loss of buyers and holders of payment
instruments or persons for whom or to whom money is transmitted if the applicant OR
LICENSEE becomes financially impaired.
[(e)] (F) (1) If the principal amount of a [bond] SURETY DEVICE is reduced
by a payment of a claim or judgment, the licensee shall file with the Commissioner
EVIDENCE OF any new or additional [bond] SURETY DEVICE in the amount that the
Commissioner sets.
(2) If the Commissioner at any time believes that the [bond] SURETY
DEVICE [filed or permissible investments deposited under this section are insecure]
IS INSUFFICIENT, exhausted, or otherwise unsatisfactory, the Commissioner may
require EVIDENCE OF an additional [bond] SURETY DEVICE to be filed [or additional
or substitute permissible investments to be deposited] by the licensee. Within 30 days
after the Commissioner makes a written demand for the new [bond] SURETY DEVICE
[or permissible investments], the licensee shall file the EVIDENCE OF THE new [bond
or deposit the new permissible investments] SURETY DEVICE.
(G) A PENALTY IMPOSED UNDER § 12-426(E)(3) 12-426(E)(2) OF THIS SUBTITLE
MAY BE PAID AND COLLECTED FROM THE PROCEEDS OF A SURETY DEVICE.
[12-411.] 12-413.
(a) Each [agent] AUTHORIZED DELEGATE that a licensee [names] APPOINTS
under a license is the designated agent of the licensee for all purposes in connection
with the licensee's business under that license. Each licensee under this subtitle is
liable for the payment of all money transmitted and payment instruments sold by the
licensee, in whatever form, directly or through an [agent] AUTHORIZED DELEGATE.
(b) Each [agent] AUTHORIZED DELEGATE that a licensee [names] APPOINTS
under a license shall be authorized by an express written contract, which [, for
contracts entered into after October 1, 1997,] shall provide [the following]:
(1) That the licensee appoints the person as its [agent] AUTHORIZED
DELEGATE with authority to engage in the business of money transmission on behalf
of the licensee;
(2) That neither the licensee nor the [agent] AUTHORIZED DELEGATE
may authorize subagents OR SUBAUTHORIZED DELEGATES without written consent
of the Commissioner; [and]
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(3) That the [agent] AUTHORIZED DELEGATE is subject to supervision,
EXAMINATION, and regulation by the Commissioner; AND
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- 4860 -
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