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<section article="gfi" article_name="Financial Institutions" number="12-416" title_number="12" title_name="Miscellaneous Institutions and Activities" subtitle_number="4" subtitle_name="Maryland Money Transmission Act">
  <level label="a">
    <text>A licensee shall submit to NMLS a call report once each quarter on the date, in the form, and containing the information that NMLS requires.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the Commissioner describing the event and its expected impact on the licensee’s activities in the State:</text>
      <level label="i">
        <text>The filing for bankruptcy or reorganization by the licensee;</text>
      </level>
      <level label="ii">
        <text>The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee’s money transmission activities in any state;</text>
      </level>
      <level label="iii">
        <text>Any felony indictment or conviction of the licensee or any of its officers or directors related to money transmission activities;</text>
      </level>
      <level label="iv">
        <text>The commencement of any civil action by a buyer or holder of a payment instrument or person for whom or to whom money is transmitted against a licensee; and</text>
      </level>
      <level label="v">
        <text>The filing of any material litigation against the licensee.</text>
      </level>
    </level>
    <level label="2">
      <text>The written report required under paragraph (1) of this subsection shall be submitted to the Commissioner through NMLS.</text>
    </level>
  </level>
  <level label="c">
    <text>A licensee shall submit to NMLS the Uniform Authorized Agent Reporting once each quarter on the date that NMLS requires.</text>
  </level>
  <level label="d">
    <text>A licensee promptly shall file with the Commissioner any demand borrowing agreement or agreements into which the licensee may enter as a permissible investment or a deposit in lieu of a surety bond.</text>
  </level>
</section>
