Maryland Code, FINANCIAL INSTITUTIONS 12-405
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 12-405
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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 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 NMLS.