Search
Bill number does not exist. Enter a vaild keyword.

Statutes Text

Article - Financial Institutions




§12–405.

    (a)    A person may not engage in the business of 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 that person:

        (1)    Is licensed by the Commissioner;

        (2)    Is an authorized delegate of a licensee under whose name the business of money transmission occurs; or

        (3)    Is a person exempted from licensing under this subtitle.

    (b)    Each licensee or license applicant shall obtain and maintain a valid unique identifier issued by the nationwide licensing system:

        (1)    On forming an account with the nationwide licensing system on or after November 1, 2012; or

        (2)    If the Commissioner has not joined the nationwide licensing system as of November 1, 2012, on or after the date that the Commissioner joins, as specified by the Commissioner by public notice.

    (c)    An applicant for an initial license or a license renewal shall apply for the license or renewal through the nationwide licensing system:

        (1)    On or after November 1, 2012; or

        (2)    If the Commissioner has not joined the nationwide licensing system as of November 1, 2012, on or after the date that the Commissioner joins, as specified by the Commissioner by public notice.