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Maryland Code, Financial Institutions § 12-120

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

(a) Except as provided in § 15-802(b) of the Commercial Law Article and subsection (b) of this section, a licensee may not charge any other fee, including late fees or other service fees, for accepting or cashing a payment instrument in excess of the greater of:

(1) 2% of the face amount of the payment instrument or $3, if the payment instrument is issued by the federal government or a state or local government;

(2) 10% of the face amount of a payment instrument or $5, if the payment instrument is a personal check; or

(3) 4% of the face amount of the payment instrument or $5, for any other payment instrument.

(b) A licensee may charge a customer a one-time membership fee not to exceed $5.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 12-120 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-12-120/

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.

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