Maryland Code, FINANCIAL INSTITUTIONS 2-120
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 2-120
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) “Board” means the State Collection Agency Licensing Board established under Title 7 of the Business Regulation Article.
(3) “Fund” means the Non-Depository Special Fund established under this section.
(4) “License” means any license issued by the Commissioner or the Board under applicable law.
(5) “License category” refers to all licenses issued by either the Commissioner or the Board under any of the following provisions:
(i) Title 11, Subtitle 2 of this article;
(ii) Title 11, Subtitle 3 of this article;
(iii) Title 11, Subtitle 4 of this article;
(iv) Title 11, Subtitle 5 of this article;
(v) Title 11, Subtitle 6 of this article;
(vi) Title 12, Subtitle 1 of this article;
(vii) Title 12, Subtitle 4 of this article;
(viii) Title 12, Subtitle 9 of this article; or
(ix) Title 7 of the Business Regulation Article.
(6) “Licensed person” means any person required by law to be licensed by either the Commissioner or the Board, regardless of whether the person maintains the required license.
(7) “Registered person” means any person required by law to be registered by the Commissioner or the Board, regardless of whether the person maintains the required registration.
(8) “Regulated person” means:
(i) A licensed person or registered person; or
(ii) Any person otherwise engaging in activity subject to a provision of law, regulation, rule, or order over which the Commissioner has jurisdiction, other than activity subject to any of Titles 3 through 9 of this article.
(b) There is a Non-Depository Special Fund that consists of:
(1) All revenues received from licensing fees from each licensed person;
(2) All revenues received from registration fees from each registered person;
(3) All revenues received from annual assessments under subsection (h) of this section;
(4) Income from the investments that the State Treasurer makes for the Fund; and
(5) Any other fee, examination or investigation fee or assessment, or revenue received by the Commissioner or the Board with respect to any regulated person.
(c) Notwithstanding subsection (b) of this section:
(1) The Commissioner and the Board shall pay all fines and penalties collected from any regulated person into the General Fund of the State; and
(2) Revenue received by the Commissioner for use of the Foreclosed Property Registry established under Title 7 of the Real Property Article shall be paid by the Commissioner to the Foreclosed Property Registry Fund established under § 7-105.14 of the Real Property Article.
(d) The purpose of the Fund is to cover the direct and indirect costs of fulfilling the statutory and regulatory duties of the Commissioner and the Board related to regulated persons.
(e) (1) The annual State budget shall include the costs and expenses of the Commissioner and the Board relating to subsection (d) of this section.
(2) Any expenditures from the Fund to cover costs and expenses of the Commissioner and the Board relating to subsection (d) of this section may be made only:
(i) With an appropriation from the Fund approved by the General Assembly in the annual State budget; or
(ii) By the budget amendment procedure under § 7-209 of the State Finance and Procurement Article.
(3) If, in any fiscal year, the amount of the revenue collected by the Commissioner and the Board and deposited into the Fund exceeds the actual appropriation for the Commissioner and the Board under paragraph (2)(i) of this subsection, the excess amount shall be carried forward within the Fund.
(f) (1) The State Treasurer is the custodian of the Fund.
(2) The State Treasurer shall deposit payments received from the Commissioner and the Board into the Fund.
(g) (1) (i) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(ii) The Fund may not be deemed a part of the General Fund of the State.
(2) Unless otherwise provided by law, no part of the Fund may revert or be credited to:
(i) The General Fund of the State; or
(ii) Any other special fund of the State.
(h) (1) In order to ensure the Fund contains sufficient amounts to achieve its purpose under subsection (d) of this section, the Commissioner may impose an annual assessment on any licensed person not more than once each year.
(2) In calculating an assessment with respect to any licensed person, the Commissioner may consider:
(i) The costs incurred by the Commissioner or the Board in supervising licensed persons of that license category;
(ii) The type of business conducted in the State by that licensed person;
(iii) The volume of business that licensed person conducts in the State;
(iv) Assets of the licensed person; and
(v) Any other factor the Commissioner considers appropriate.
(3) A licensed person shall pay any assessment imposed under this section to the Commissioner within 30 calendar days after the assessment is imposed.
(4) (i) Failure by a licensed person to timely pay an annual assessment under this section is a violation of this section.
(ii) The Commissioner may take action for the violation against the licensed person and the license under applicable law.