§ 12–405
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 12-405 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 4. Maryland Money Transmission Act
§ 12–405LinkCopy Citation
(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 or §§ 10–14A–03 and 10–14B–03 of the State Government Article.
(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.