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Statutes Text

Article - Financial Institutions




§12–407.

    (a)    (1)    To apply for a license, an applicant shall:

            (i)    Complete, sign, and submit to the Commissioner an application made under oath in the form, and in accordance with the process, that the Commissioner requires; and

            (ii)    Provide all information that the Commissioner requests.

        (2)    The applicant shall comply with all conditions and provisions of the application for a license.

    (b)    An applicant shall provide:

        (1)    The trade name of the applicant, as filed with the State Department of Assessments and Taxation under § 1–406 of the Corporations and Associations Article, and any fictitious or other name used by the applicant in the conduct of the applicant’s business;

        (2)    The address of the principal executive office of the applicant and each branch location;

        (3)    The name, business address, and nature of the business of each authorized delegate to be appointed by the applicant;

        (4)    The most recent unconsolidated financial statement of the applicant that shall:

            (i)    Be prepared in accordance with generally accepted accounting principles applied on a consistent basis;

            (ii)    Be a certified opinion audit prepared by an independent certified public accountant;

            (iii)    Include a schedule of all permissible investments, if any, of the applicant; and

            (iv)    Be no older than 12 months before the date of the application;

        (5)    The name, address, and telephone number of the applicant’s resident agent in the State;

        (6)    A history of material litigation against the applicant, if any, for the past 3 years; and

        (7)    Any other information that the Commissioner reasonably requires.

    (c)    An applicant that is a business entity shall provide:

        (1)    Certified copies of the applicant’s certificate of incorporation, articles of incorporation, or articles of organization, or other instrument incorporating or forming the applicant, as amended, corrected, or supplemented; and

        (2)    The bylaws, operating agreement, or other equivalent internal governance documents, as amended or supplemented.

    (d)    An applicant shall provide a certificate of good standing from the state in which the applicant is incorporated or organized and a certificate of good standing from the State Department of Assessments and Taxation.

    (e)    With the application, the applicant shall pay to the Commissioner:

        (1)    A nonrefundable investigation fee of $1,000; and

        (2)    A nonrefundable license fee of $2,000.

    (f)    In addition to the license fee required under subsection (e) of this section, an applicant for an initial license shall pay to the nationwide licensing system the fee that the nationwide licensing system imposes in connection with processing the application.

    (g)    With the application, the applicant shall file evidence of a surety device with the Commissioner as provided in § 12–412 of this subtitle.

    (h)    (1)    In addition to any license required under §§ 12–405 and 12–410 of this subtitle, each person who engages in the business of money transmission shall obtain and maintain a license for its principal executive office.

        (2)    For each branch location license for which an applicant applies, the applicant shall:

            (i)    Submit a separate application;

            (ii)    Pay a separate nonrefundable license fee; and

            (iii)    Pay the application processing fee that the nationwide licensing system imposes in connection with processing the application for the branch location.

        (3)    If an applicant has or is applying for more than one license, the applicant may comply with subsection (g) of this section by filing evidence of only one surety device.

        (4)    If an applicant has or is applying for more than one license, the applicant is not required to pay a separate investigation fee.