<?xml version='1.0' encoding='utf-8'?>
<section article="gfi" article_name="Financial Institutions" number="12-407" title_number="12" title_name="Miscellaneous Institutions and Activities" subtitle_number="4" subtitle_name="Maryland Money Transmission Act">
  <level label="a">
    <level label="1">
      <text>To apply for a license, an applicant shall:</text>
      <level label="i">
        <text>Complete, sign, and submit to the Commissioner an application made under oath in the form, and in accordance with the process, that the Commissioner requires; and</text>
      </level>
      <level label="ii">
        <text>Provide all information that the Commissioner requests.</text>
      </level>
    </level>
    <level label="2">
      <text>The applicant shall comply with all conditions and provisions of the application for a license.</text>
    </level>
  </level>
  <level label="b">
    <text>An applicant shall provide:</text>
    <level label="1">
      <text>The applicant’s legal name and any trade name used by the applicant in accordance with § 2–121 of this article;</text>
    </level>
    <level label="2">
      <level label="i">
        <text>The address of the principal executive office of the applicant;</text>
      </level>
      <level label="ii">
        <text>The address of each additional location, if any, that:</text>
        <level label="1">
          <text>The general public may reasonably view as a location that engages in the business of money transmission, including any location that investigates customer complaints or directly communicates with customers verbally, electronically, or in writing;</text>
        </level>
        <level label="2">
          <text>Houses any core operational infrastructure or technology systems;</text>
        </level>
        <level label="3">
          <text>Conducts any core management, information security and technology, risk and compliance, or finance functions; or</text>
        </level>
        <level label="4">
          <text>Is otherwise required to be listed in NMLS by regulation the Commissioner adopts under this subtitle; and</text>
        </level>
      </level>
      <level label="iii">
        <text>If the licensee operates a self–service financial kiosk, the following information for each self–service financial kiosk:</text>
        <level label="1">
          <text>Unique identifying information for the self–service financial kiosk, such as the manufacturer name, model number, serial number, or asset tag;</text>
        </level>
        <level label="2">
          <text>If the licensee intends to operate the self–service financial kiosk from any fixed location for more than 30 days in a calendar year, each physical address where the self–service financial kiosk will be operated; and</text>
        </level>
        <level label="3">
          <text>If the licensee intends to operate the self–service financial kiosk at any location for 30 days or less in a calendar year, the geographic area where the licensee intends to operate the self–service financial kiosk;</text>
        </level>
      </level>
    </level>
    <level label="3">
      <text>The name, business address, and nature of the business of each authorized delegate to be appointed by the applicant;</text>
    </level>
    <level label="4">
      <text>The most recent unconsolidated financial statement of the applicant that shall:</text>
      <level label="i">
        <text>Be prepared in accordance with generally accepted accounting principles applied on a consistent basis;</text>
      </level>
      <level label="ii">
        <text>Be a certified opinion audit prepared by an independent certified public accountant;</text>
      </level>
      <level label="iii">
        <text>Include a schedule of all permissible investments, if any, of the applicant; and</text>
      </level>
      <level label="iv">
        <text>Be no older than 12 months before the date of the application;</text>
      </level>
    </level>
    <level label="5">
      <text>The name, address, and telephone number of the applicant’s resident agent in the State;</text>
    </level>
    <level label="6">
      <text>A history of material litigation against the applicant, if any, for the past 3 years; and</text>
    </level>
    <level label="7">
      <text>Any other information that the Commissioner reasonably requires.</text>
    </level>
  </level>
  <level label="c">
    <text>An applicant that is a business entity shall provide:</text>
    <level label="1">
      <text>Certified copies of the applicant’s certificate of incorporation, articles of incorporation, or articles of organization, or other instrument incorporating or forming the applicant, as amended, corrected, or supplemented; and</text>
    </level>
    <level label="2">
      <text>The bylaws, operating agreement, or other equivalent internal governance documents, as amended or supplemented.</text>
    </level>
  </level>
  <level label="d">
    <text>An applicant shall provide a certificate of good standing from the state in which the applicant is incorporated or organized and a certificate of good standing from the State Department of Assessments and Taxation.</text>
  </level>
  <level label="e">
    <text>With the application, the applicant shall pay to the Commissioner:</text>
    <level label="1">
      <text>A nonrefundable investigation fee of $1,000; and</text>
    </level>
    <level label="2">
      <text>A nonrefundable license fee of $2,000.</text>
    </level>
  </level>
  <level label="f">
    <text>In addition to the license fee required under subsection (e) of this section, an applicant for an initial license shall pay to NMLS the fee that NMLS imposes in connection with processing the application.</text>
  </level>
  <level label="g">
    <text>With the application, the applicant shall file evidence of a surety device with the Commissioner as provided in § 12–412 of this subtitle.</text>
  </level>
</section>
