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Statutes Text

Article - Financial Institutions




§12–101.

    (a)    In this subtitle the following words have the meanings indicated.

    (b)    “Branch location” means any location other than the principal executive office of a licensee or license applicant at which the licensee conducts, or the license applicant, on licensure, will conduct, activities required to be licensed under this subtitle.

    (c)    (1)    “Control person” means a person who has the power, directly or indirectly, to direct the management or policies of a licensee or license applicant, whether through ownership of securities, by contract, or otherwise.

        (2)    “Control person” includes a person who:

            (i)    Is a general partner, an officer, a director, or a member, or occupies a similar position or performs a similar function;

            (ii)    Directly or indirectly has the right to vote 5% or more of a class of voting securities, or has the power to sell or direct the sale of 5% or more of a class of voting securities, of a licensee or license applicant; or

            (iii)    In the case of a partnership, a limited partnership, a limited liability partnership, a limited liability company, or any other business entity:

                1.    Has the right to receive on liquidation or dissolution of a licensee or license applicant 5% or more of the capital of the licensee or license applicant; or

                2.    Has contributed 5% or more of the capital of a licensee or license applicant.

    (d)    “Exempt entity” means an entity that is exempt from all requirements of licensing as provided under § 12–103(b) and (c) of this subtitle.

    (e)    “License” means, unless the context requires otherwise, a license issued by the Commissioner under this subtitle to provide check cashing services.

    (f)    “Licensee” means, unless the context requires otherwise, a person that is licensed by the Commissioner under this subtitle to provide check cashing services.

    (g)    “Mobile unit” means a motor vehicle or other movable means from which check cashing services are provided.

    (h)    (1)    “Payment instrument” means a check or a draft ordering a person to pay money.

        (2)    “Payment instrument” includes a money order.

    (i)    “Provide check cashing services” means to accept or cash, for compensation, a payment instrument regardless of the date of the payment instrument.

    (j)    “Unique identifier” means a number or another identifier assigned by NMLS.



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