(a) To qualify for a license, an applicant shall satisfy the Commissioner that the applicant:
(1) Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to:
(i) Engage in the business of money transmission;
(ii) Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and
(iii) Command the confidence of the public;
(2) Will keep at all times the permissible investments required under § 12-418 of this subtitle;
(3) Has a tangible net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each licensed location or authorized delegate, up to a maximum of $500,000 as provided in subsection (b) of this section; and
(4) Has at least 3 years of experience in the business of money transmission or other related financial services business under the following conditions:
(i) If the applicant is a sole proprietor, the applicant shall have the required experience;
(ii) If the applicant is a joint venture or partnership, at least one of the coventurers or general partners shall have the required experience; and
(iii) If the applicant is any other type of business, at least one of the principal officers or members shall have the required experience.
Net worth requirements
(b) The Commissioner may require a net worth of up to $500,000, subject to consideration of the following:
(1) The nature and volume of the business or proposed business of the applicant;
(2) The amount, nature, quality, and liquidity of the assets of the applicant;
(3) The amount and nature of the liabilities, including contingent liabilities, of the applicant;
(4) The history of, and prospects for, the applicant to earn and retain income;
(5) The quality of the operations of the applicant;
(6) The quality of the management of the applicant;
(7) The nature and quality of the person that has control of the applicant; and
(8) Any other factor the Commissioner deems relevant.
Credits
Added as Financial Institutions § 12-405 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 541, § 1, eff. July 1, 1980; Acts 1995, c. 432, § 1, eff. Oct. 1, 1995; Acts 1996, c. 10, § 1, eff. April 9, 1996; Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 12-406 by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002; Acts 2021, c. 100, § 3, eff. Oct. 1, 2021; Acts 2023, c. 567, § 1, eff. July 1, 2023.
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.
