§ 12–424
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 12-424 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 4. Maryland Money Transmission Act
§ 12–424LinkCopy Citation
(a)
The Commissioner may conduct an examination of a licensee or an authorized delegate with not less than 7 business days’ prior notice.
(b)
With good cause, the Commissioner may conduct an examination of a licensee or an authorized delegate with no prior notice.
(c)
The licensee shall pay all reasonably incurred costs of an examination conducted under this section, including a per–day fee set by the Commissioner for each of the Commissioner’s employees engaged in the examination.
(d)
Any examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.
(e)
(1)
The Commissioner, in lieu of an examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm.
(2)
A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.
(f)
The Commissioner may:
(1)
Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and
(2)
Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee.