§ 12-414. Fraudulent or false statements or misrepresentations prohibited
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2021
Effective: October 1, 2021
MD Code, Financial Institutions, § 12-414
§ 12-414. Fraudulent or false statements or misrepresentations prohibited
(a) An authorized delegate may not make any fraudulent or false statement or misrepresentation to a licensee or to the Commissioner.
(b) All money transmission services conducted by an authorized delegate shall be conducted strictly in accordance with the licensee's operating policies and procedures provided to the authorized delegate.
(c) An authorized delegate shall remit all funds owed to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.
(d)(1) All funds received by an authorized delegate from money transmission services, less fees, shall constitute trust funds belonging to the licensee from the time the funds are received by the authorized delegate until the time when the funds are remitted to the licensee.
(2) If an authorized delegate commingles any of the funds received with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the funds due the licensee.
Credits
Added by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2021, c. 100, § 3, eff. Oct. 1, 2021.
MD Code, Financial Institutions, § 12-414, MD FIN INST § 12-414
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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