# Financial Institutions (GFI)

## Title 12. Miscellaneous Institutions and Activities

### Subtitle 4. Maryland Money Transmission Act

#### Section 12-405

(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 Sec.Sec. 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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)