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§ 12-404. Disposition and use of revenue received

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 4. Maryland Money Transmission Act
Effective: July 1, 2023
MD Code, Financial Institutions, § 12-404
§ 12-404. Disposition and use of revenue received
In general
(a) All revenue received for the licensing and assessment of money transmitters under this subtitle and any other fee, examination assessment, or revenue received by the Commissioner under this subtitle shall be:
(1) Credited to the Non-Depository Special Fund established under § 2-120 of this article; and
(2) Used in accordance with § 2-120(d) of this article.
Fines and penalties paid into General Fund
(b) Notwithstanding subsection (a) of this section, the Commissioner shall pay all fines and penalties collected by the Commissioner under this subtitle into the General Fund of the State.
(c) Subject to § 2-120(h) of this article, the Commissioner may impose an annual assessment on any licensee under this subtitle.


Added by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2016, c. 341, § 1, eff. July 1, 2016; Acts 2021, c. 100, § 3, eff. Oct. 1, 2021; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 12-404, MD FIN INST § 12-404
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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