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§ 12-101. Definitions

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 1. Check Cashing Services (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 12-101
§ 12-101. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Control person
(b)(1) “Control person” means a person who has the power, directly or indirectly, to direct the management or policies of a licensee or license applicant, whether through ownership of securities, by contract, or otherwise.
(2) “Control person” includes a person who:
(i) Is a general partner, an officer, a director, or a member, or occupies a similar position or performs a similar function;
(ii) Directly or indirectly has the right to vote 5% or more of a class of voting securities, or has the power to sell or direct the sale of 5% or more of a class of voting securities, of a licensee or license applicant; or
(iii) In the case of a partnership, a limited partnership, a limited liability partnership, a limited liability company, or any other business entity:
1. Has the right to receive on liquidation or dissolution of a licensee or license applicant 5% or more of the capital of the licensee or license applicant; or
2. Has contributed 5% or more of the capital of a licensee or license applicant.
Exempt entity
(c) “Exempt entity” means an entity that is exempt from all requirements of licensing as provided under § 12-103(b) and (c) of this subtitle.
License
(d) “License” means a license issued in any form by the Commissioner under this subtitle to provide check cashing services, including as provided for through NMLS.
Licensed location
(e)(1) “Licensed location” means any location listed by the licensee in NMLS in accordance with this subtitle.
(2) “Licensed location” includes a mobile unit.
Licensed name
(f) “Licensed name” means:
(1) The licensee's legal name; and
(2) Any trade name used by the licensee in accordance with § 2-121 of this article.
Licensee
(g) “Licensee” means a person licensed under this subtitle to provide check cashing services.
Mobile unit
(h) “Mobile unit” means a motor vehicle or other movable means from which check cashing services are provided.
Payment instrument
(i)(1) “Payment instrument” means a check or a draft ordering a person to pay money.
(2) “Payment instrument” includes a money order.
Provide check cashing services
(j) “Provide check cashing services” means to accept or cash, for compensation, a payment instrument regardless of the date of the payment instrument.
Unique identifier
(k) “Unique identifier” means a number or another identifier assigned by NMLS.

Credits

Added by Acts 2000, c. 614, § 2, eff. Oct. 1, 2000. Amended by Acts 2017, c. 253, § 1, eff. July 1, 2017; Acts 2021, c. 101, § 2, eff. Oct. 1, 2021; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 12-101, MD FIN INST § 12-101
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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