# Financial Institutions (GFI)

## Title 12. Miscellaneous Institutions and Activities

### Subtitle 4. Maryland Money Transmission Act

#### Section 12-406

(a) To qualify for a license, an applicant shall satisfy the Commissioner that the applicant:

  (1) Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to:

    (i) Engage in the business of money transmission;

    (ii) Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and

    (iii) Command the confidence of the public;

  (2) Will keep at all times the permissible investments required under Sec. 12-418 of this subtitle;

  (3) Has a tangible net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each licensed location or authorized delegate, up to a maximum of $500,000 as provided in subsection (b) of this section; and

  (4) Has at least 3 years of experience in the business of money transmission or other related financial services business under the following conditions:

    (i) If the applicant is a sole proprietor, the applicant shall have the required experience;

    (ii) If the applicant is a joint venture or partnership, at least one of the coventurers or general partners shall have the required experience; and

    (iii) If the applicant is any other type of business, at least one of the principal officers or members shall have the required experience.

(b) The Commissioner may require a net worth of up to $500,000, subject to consideration of the following:

  (1) The nature and volume of the business or proposed business of the applicant;

  (2) The amount, nature, quality, and liquidity of the assets of the applicant;

  (3) The amount and nature of the liabilities, including contingent liabilities, of the applicant;

  (4) The history of, and prospects for, the applicant to earn and retain income;

  (5) The quality of the operations of the applicant;

  (6) The quality of the management of the applicant;

  (7) The nature and quality of the person that has control of the applicant; and

  (8) Any other factor the Commissioner deems relevant.

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