Bill number does not exist. Enter a vaild keyword.

Statutes Text

Article - Financial Institutions




§12–410.

    (a)    (1)    Each license provided for through NMLS shall include the following information:

            (i)    The name of the licensee;

            (ii)    The trade name of the licensee;

            (iii)    The address at which the business is to be conducted; and

            (iv)    The unique identifier of the licensee.

        (2)    The unique identifier of the licensee shall constitute the license number for the license.

    (b)    (1)    A license authorizes the licensee to do business under the license, at the licensed place of business.

        (2)    A license does not authorize the licensee to accept deposits or engage otherwise in a banking business except as authorized in this subtitle.

        (3)    Only one place of business may be maintained under any one license.

    (c)    The Commissioner may issue more than one license to an applicant who:

        (1)    Complies with § 12–407 of this subtitle; and

        (2)    Otherwise meets the requirements of this subtitle.

    (d)    A license may not be transferred or assigned.

    (e)    (1)    Each licensee shall conspicuously post, in 48 point or larger type, at the licensee’s licensed location the following information:

            (i)    The licensee’s unique identifier; and

            (ii)    A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee.

        (2)    Each authorized delegate, at each location open to the public, shall conspicuously post, in at least 48–point type, the following information:

            (i)    A notice stating, “The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints regarding this authorized delegate of (name of licensee and unique identifier) at (address of Commissioner), phone (toll–free phone number of the Commissioner)”; and

            (ii)    A statement advising consumers of the availability of the NMLS Consumer Access website to verify the licensing status of the licensee.

        (3)    Each licensee shall conspicuously display the following information on the licensee’s website, a mobile application through which the services are offered, on the outside of the self–service financial kiosk, any software application accessible to the public and used for money transmission services, and profile page within each social media platform the licensee uses:

            (i)    The licensee’s unique identifier;

            (ii)    A link to the NMLS Consumer Access website; and

            (iii)    A notice stating, “The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints from Maryland residents regarding (name of licensee and unique identifier) at (address of Commissioner), phone (toll–free phone number of the Commissioner)”.

    (f)    A licensee is not required to post the information required in subsection (e)(1) of this section if the licensee does not regularly grant access to the licensed location to members of the general public.



Click to return on the top page