Skip to main content
Find a Lawyer

Maryland Code, Financial Institutions § 12-101

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this subtitle the following words have the meanings indicated.

(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.

(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.

(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.

(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.

(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.

(g) “Licensee” means a person licensed under this subtitle to provide check cashing services.

(h) “Mobile unit” means a motor vehicle or other movable means from which check cashing services are provided.

(i)(1) “Payment instrument” means a check or a draft ordering a person to pay money.

(2) “Payment instrument” includes a money order.

(j) “Provide check cashing services” means to accept or cash, for compensation, a payment instrument regardless of the date of the payment instrument.

(k) “Unique identifier” means a number or another identifier assigned by NMLS.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 12-101 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-12-101/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard