Plain Text Law

Chapter 08. Currency Transactions

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Regulation .01 Definitions.Copy Citation

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A.
In this chapter, the following terms have the meanings indicated.
B.
Terms Defined.
(1)
Currency.
(a)
“Currency” means currency and coin of the United States or any other country including United States silver certificates, United States notes, and Federal Reserve notes.
(b)
“Currency” does not include bank checks, traveler's checks, bank drafts, wire transfers, money orders, or other negotiable or monetary instruments not customarily accepted as money.
(2)
“Department” means the Maryland Department of Labor.
(3)
“Person engaged in a trade or business” means an individual, partnership, firm, trust, estate, association, corporation, or other entity:
(a)
Engaged in vehicle sales, including motor vehicle, airplane, and boat sales;
(b)
That conducts real estate closings and settlements; or
(c)
Engaged in the sale or pledging of jewelry.
(4)
“Receives” means acquires, takes possession of, or transfers.
(5)
“Secretary” means the Secretary of Labor.

Regulation .02 Reporting by Persons Engaging in a Trade or Business.Copy Citation

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A.
Each person engaged in a trade or business who receives more than $10,000 in currency in one transaction, which takes place in this State, shall keep a record of each transaction. Individuals shall keep a record of only those transactions occurring during the course of the individual's trade or business.
B.
A single transaction may not be divided into multiple transactions in order to avoid reporting under this regulation.
C.
Each single transaction in excess of $10,000 shall be recorded on Form 8300, as required by 26 U.S.C. §6050-I.
D.
A copy in triplicate of the Form 8300 shall be filed with the Secretary of Labor, Operations and Management Unit, 501 St. Paul Place, Baltimore, Maryland 21202, within 15 days of the date of the transaction.

Regulation .03 Availability of Reports.Copy Citation

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A.
The Secretary shall make available to the Office of the Attorney General and the Department of Public Safety and Correctional Services a copy of each Form 8300 filed with the Secretary, on at least a monthly basis.
B.
The Secretary shall make available to any other criminal justice agency of federal, State, or municipal government, upon request, a copy of any Form 8300 filed with the Secretary.
C.
The copies of Form 8300 are not public records for the purpose of State Government Article, Title 10, Annotated Code of Maryland.

Regulation .04 Failure to Report.Copy Citation

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A.
After notice and opportunity for a hearing, as provided in State Government Article, Title 10, the Secretary may assess a civil penalty not to exceed $50 for each day that the Form 8300 is in arrears.
B.
For the purpose of determining the civil penalty, the Secretary shall assess a separate penalty for each store, division, branch, department, headquarters, or office, regardless of physical location.
C.
The total civil penalty may not exceed $1,000 per violation.
D.
In determining the amount of the civil penalty for a violation, the Secretary shall consider the amount of currency and number of transactions involved, and any pattern of compliance or noncompliance by the person engaged in the trade or business.
Chapter annotations
Authority: Corporations and Associations Article, §1-503, Annotated Code of Maryland
History: Effective date:
History: Regulations .01—.04 adopted as an emergency provision effective August 1, 1990 (17:17 Md. R. 2074); emergency status expired January 1, 1991
History: Regulations .01—.04 adopted effective October 28, 1991 (18:21 Md. R. 2307)