Md. Code Ann., Fin. Inst. § 12-405
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2022
As of January 1, 2019
(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.
(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.
(b) Each licensee or license applicant shall obtain and maintain a valid unique identifier issued by NMLS on forming an account with NMLS.
(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.
(c) An applicant for an initial license or a license renewal shall apply for the license or renewal through NMLS.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.