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§ 12-413. Agents

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2021

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 4. Maryland Money Transmission Act
Effective: October 1, 2021
MD Code, Financial Institutions, § 12-413
§ 12-413. Agents
In general
(a)(1) Each authorized delegate that a licensee appoints under a license is the designated agent of the licensee for all purposes in connection with the licensee's business under that license.
(2) Each licensee under this subtitle is liable for the payment of all money transmissions by the licensee, in whatever form, directly or through an authorized delegate.
Authorization by express written contracts
(b) Each authorized delegate that a licensee appoints under a license shall be authorized by an express written contract, which shall provide:
(1) That the licensee appoints the person as its authorized delegate with authority to engage in the business of money transmission on behalf of the licensee;
(2) That neither the licensee nor the authorized delegate may authorize subagents or subdelegates without written consent of the Commissioner;
(3) That the authorized delegate is subject to supervision, examination, and regulation by the Commissioner; and
(4) That the authorized delegate will operate in full compliance with all applicable laws and regulations.
Operating policies and procedures
(c) The licensee shall provide to each authorized delegate a written copy of the licensee's operating policies and procedures, which shall be updated on a reasonable periodic basis.
Copies of contracts made available to Commissioner
(d) Copies of all contracts required under this section shall be made available to the Commissioner, upon request.


Added as Financial Institutions § 12-411 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 1997, c. 23, § 1, eff. Oct. 1, 1997. Renumbered as Financial Institutions § 12-413 by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002; Acts 2003, c. 21, § 1, eff. April 8, 2003; Acts 2014, c. 421, § 1, eff. Oct. 1, 2014; Acts 2021, c. 100, § 3, eff. Oct. 1, 2021.
Formerly Art. 11, §§ 212, 217.
MD Code, Financial Institutions, § 12-413, MD FIN INST § 12-413
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.
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