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§ 12-102. Application of subtitle

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2020

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 1. Check Cashing Services (Refs & Annos)
Effective: October 1, 2020
MD Code, Financial Institutions, § 12-102
§ 12-102. Application of subtitle
Currentness
Cash checking services not subject to subtitle
(a) This subtitle does not apply to check cashing services:
(1) In which a customer presents a payment instrument for the exact amount of a purchase; or
(2) Involving foreign currency exchange services or the cashing of a payment instrument drawn on a financial institution other than a federal, State, or other state financial institution.
Transactions subject to Maryland Consumer Loan Law
(b)(1) This subtitle does not apply to a transaction that is subject to the Maryland Consumer Loan Law (Title 12, Subtitle 3 of the Commercial Law Article and Title 11, Subtitle 2 of this article), including a transaction in which an additional fee is charged to defer the presentment or deposit of a payment instrument until a subsequent date.
(2) A check cashing service is not subject to the Maryland Consumer Loan Law if:
(i) The fee charged for the check cashing service does not exceed the fee permitted under this subtitle;
(ii) No additional fee is charged to defer the presentment or deposit of the payment instrument; and
(iii) The check cashing service is not subject to renewal or extension by any means.

Credits

Added by Acts 2000, c. 614, § 2, eff. Oct. 1, 2000. Amended by Acts 2020, c. 443, § 1, eff. Oct. 1, 2020; Acts 2020, c. 444, § 1, eff. Oct. 1, 2020.
MD Code, Financial Institutions, § 12-102, MD FIN INST § 12-102
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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