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§ 12-120. Restrictions relating to fees

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 1. Check Cashing Services (Refs & Annos)
MD Code, Financial Institutions, § 12-120
§ 12-120. Restrictions relating to fees
Currentness
In general
(a) Except as provided in § 15-802(b) of the Commercial Law Article and subsection (b) of this section, a licensee may not charge any other fee, including late fees or other service fees, for accepting or cashing a payment instrument in excess of the greater of:
(1) 2% of the face amount of the payment instrument or $3, if the payment instrument is issued by the federal government or a state or local government;
(2) 10% of the face amount of a payment instrument or $5, if the payment instrument is a personal check; or
(3) 4% of the face amount of the payment instrument or $5, for any other payment instrument.
One-time membership fees
(b) A licensee may charge a customer a one-time membership fee not to exceed $5.

Credits

Added by Acts 2000, c. 614, § 2, eff. Oct. 1, 2000.
MD Code, Financial Institutions, § 12-120, MD FIN INST § 12-120
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document