Maryland Code, FINANCIAL INSTITUTIONS 12-802
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 12-802
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
(b) “Currency” means currency and coin of the United States or any other country.
(c) “Department” means the Maryland Department of Labor.
(d) (1) “Financial institution” means:
(i) A national banking association;
(ii) A State banking institution;
(iii) A credit union that is organized under the laws of this State or of the United States;
(iv) Any other organization that is organized under the banking laws of the State and subject to the supervision of the Commissioner;
(v) A savings and loan association that is organized under the laws of the State or of the United States; or
(vi) Persons engaged in the business of cashing checks for a fee unless performed incidental to the sale of goods or services.
(2) “Financial institution” does not include any person licensed by the Commissioner under Title 11 of this article.
(e) “Person” means an individual, partnership, firm, trust, estate, association, corporation, or other entity.
(f) “Secretary” means the Secretary of Labor.
(g) “Transaction” includes the deposit, withdrawal, transfer, bailment, loan, pledge payment, or exchange of currency by, through, or to the financial institution.