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§ 12-416. Reporting requirements

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, § 12-416
§ 12-416. Reporting requirements
Call report
(a) A licensee shall submit to NMLS a call report once each quarter on the date, in the form, and containing the information that NMLS requires.
Reports required within 15 days of triggering events
(b)(1) Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the Commissioner describing the event and its expected impact on the licensee's activities in the State:
(i) The filing for bankruptcy or reorganization by the licensee;
(ii) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee's money transmission activities in any state;
(iii) Any felony indictment or conviction of the licensee or any of its officers or directors related to money transmission activities;
(iv) The commencement of any civil action by a buyer or holder of a payment instrument or person for whom or to whom money is transmitted against a licensee; and
(v) The filing of any material litigation against the licensee.
(2) The written report required under paragraph (1) of this subsection shall be submitted to the Commissioner through NMLS.
Uniform Authorized Agent Reporting
(c) A licensee shall submit to NMLS the Uniform Authorized Agent Reporting once each quarter on the date that NMLS requires.
Borrowing agreements entered into as permissible investments or deposits in lieu of surety bond
(d) A licensee promptly shall file with the Commissioner any demand borrowing agreement or agreements into which the licensee may enter as a permissible investment or a deposit in lieu of a surety bond.


Added as Financial Institutions § 12-413 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 541, § 1, eff. July 1, 1980; Acts 1983, c. 563, § 1; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 1997, c. 23, § 1, eff. Oct. 1, 1997. Renumbered as Financial Institutions § 12-416 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, § 219.
MD Code, Financial Institutions, § 12-416, MD FIN INST § 12-416
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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