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Maryland Code, Financial Institutions § 12-102

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

(a) This subtitle does not apply to check cashing services:

(1) In which a customer presents a payment instrument for the exact amount of a purchase; or

(2) Involving foreign currency exchange services or the cashing of a payment instrument drawn on a financial institution other than a federal, State, or other state financial institution.

(b)(1) This subtitle does not apply to a transaction that is subject to the Maryland Consumer Loan Law (Title 12, Subtitle 3 of the Commercial Law Article and Title 11, Subtitle 2 of this article), including a transaction in which an additional fee is charged to defer the presentment or deposit of a payment instrument until a subsequent date.

(2) A check cashing service is not subject to the Maryland Consumer Loan Law if:

(i) The fee charged for the check cashing service does not exceed the fee permitted under this subtitle;

(ii) No additional fee is charged to defer the presentment or deposit of the payment instrument; and

(iii) The check cashing service is not subject to renewal or extension by any means.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 12-102 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-12-102/

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