It is the purpose of this subtitle to require certain reports and records of transactions involving currency where such reports and records have a high degree of usefulness in criminal investigations or proceedings that pertain to the subject of the report.

In this subtitle the following words have the meanings indicated. “Currency” means currency and coin of the United States or any other country. “Department” means the Maryland Department of Labor. “Person engaged in a trade or business” means an individual, partnership, limited liability company, firm, trust, estate, association, corporation, or other entity: engaged in vehicle sales, including motor vehicle, airplane, and boat sales; that conducts real estate closings and settlements; or engaged in the sale or pledging of jewelry. “Secretary” means the Secretary of Labor.

A person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in currency in 1 transaction shall keep a record of the transaction and shall file with the Department within 15 days of the date of the transaction a report of the transaction. The reporting requirements of this section are complied with if the person engaged in a trade or business files with the Department a duplicate copy of the report required by 26 U.S.C. § 6050-I. The Secretary shall adopt regulations appropriate to carry out the purposes of this subtitle and to provide for exemption of transactions that are clearly of a legitimate nature for which mandatory reporting would serve no useful purpose.

The Department of Public Safety and Correctional Services, the Department of State Police, and the Office of the Attorney General shall have access to and shall be authorized to inspect and copy any reports filed with the Department under this article. The Department may make the contents of a report available to other criminal justice agencies only for purposes of investigation or prosecution of the subject of the report.

The Secretary may assess a civil penalty against a person engaged in a trade or business for each knowing and willful violation of this subtitle. The civil penalty may not exceed $50 for each day the violation continues. For purposes of this section, a separate violation occurs at each office, branch, or place of business where a violation occurs or continues. The total civil penalty may not exceed $1,000. In the event of the failure of a person to pay a penalty assessed under this section, a civil action for recovery of the penalty may be brought by the State against the person.