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Statutes Text

Article - Financial Institutions




§12–416.

    (a)    Within 45 days of the end of each calendar semiannual period ending June 30 and December 31, the licensee shall file with the Commissioner a report that includes the following information on a form that the Commissioner requires:

        (1)    An unaudited, unconsolidated financial statement, including a balance sheet, income statement, statement of changes in equity, and statement of cash flows;

        (2)    A schedule of the permissible investments that the licensee holds as required under § 12-418 of this subtitle;

        (3)    A statement of outstanding payment instruments;

        (4)    A report of all authorized delegates that includes:

            (i)    An alphabetical list of all currently authorized delegates appointed by the licensee that includes the name, business address, business phone number, and business electronic mail address, if known to the licensee, of each authorized delegate;

            (ii)    An alphabetical list of all authorized delegates appointed by the licensee during the previous 6 months that includes the name, business address, business phone number, business electronic mail address, if known to the licensee, and date of appointment of each authorized delegate; and

            (iii)    An alphabetical list of all authorized delegates terminated by the licensee during the previous 6 months that includes the name, business address, business phone number, business electronic mail address, if known to the licensee, and date of termination of each authorized delegate; and

        (5)    A statement under oath by an executive officer of the licensee certifying the information to be true based on the executive officer’s knowledge of the matters in the report.

    (b)    On or before 120 days after the close of the fiscal year of the licensee, each licensee shall file with the Commissioner an annual report that:

        (1)    Includes financial statements of the licensee audited by a certified public accountant and prepared in accordance with generally accepted accounting principles for the previous calendar year;

        (2)    States the number and aggregate dollar amount of payment instruments issued or sold and the aggregate number and dollar amount of money transmissions during the previous calendar year;

        (3)    Contains any other information the Commissioner reasonably requires;

        (4)    Is on a form that the Commissioner requires; and

        (5)    Is signed by an executive officer of the licensee who certifies under oath that the information in the report is true based on the executive officer’s knowledge of the matters in the report.

    (c)    (1)    Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the Commissioner describing the event and its expected impact on the licensee’s activities in the State:

            (i)    The filing for bankruptcy or reorganization by the licensee;

            (ii)    The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee’s money transmission activities in any state;

            (iii)    Any felony indictment or conviction of the licensee or any of its officers or directors related to money transmission activities;

            (iv)    The commencement of any civil action by a buyer or holder of a payment instrument or person for whom or to whom money is transmitted against a licensee; and

            (v)    The filing of any material litigation against the licensee.

        (2)    The written report required under paragraph (1) of this subsection shall be sent to the Commissioner by certified mail, return receipt requested, bearing a postmark from the United States Postal Service, within 10 days after the action is begun and include details sufficient to identify the event.

    (d)    A licensee promptly shall file with the Commissioner any demand borrowing agreement or agreements into which the licensee may enter as a permissible investment or a deposit in lieu of a surety bond.