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§ 1-503. Reporting requirements

West's Annotated Code of MarylandBusiness Regulation

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 5. Currency Transactions in a Trade or Business (Refs & Annos)
MD Code, Business Regulation, § 1-503
§ 1-503. Reporting requirements
(a) A person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in currency in 1 transaction shall keep a record of the transaction and shall file with the Department within 15 days of the date of the transaction a report of the transaction.
(b) The reporting requirements of this section are complied with if the person engaged in a trade or business files with the Department a duplicate copy of the report required by 26 U.S.C. § 6050-I.
(c) The Secretary shall adopt regulations appropriate to carry out the purposes of this subtitle and to provide for exemption of transactions that are clearly of a legitimate nature for which mandatory reporting would serve no useful purpose.


Added by Acts 1990, c. 411; renumbered from Corporations and Associations, § 1-503 by Acts 1994, c. 3, § 14, eff. Feb. 28, 1994. Amended by Acts 1996, c. 10, § 1, eff. April 9, 1996.
MD Code, Business Regulation, § 1-503, MD BUS REG § 1-503
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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