(a) A person may provide check cashing services without obtaining a license under this subtitle by registering each year with the Commissioner under this section if the person:
(1) Charges a fee of up to 1.5% or $1, whichever is greater, of the face amount of the payment instrument per payment instrument;
(2) Provides check cashing services that are incidental to the retail sale of goods or services by the person that is providing the check cashing services;
(3) Is registered as a check casher money service business with the U.S. Department of Treasury;
(4) Conducts check cashing service transactions within the interior of the business location and not through the use of a mobile unit or an exterior drive–up or walk–up window;
(5) Has conspicuously posted a notice with the following information, in 48 point type or larger, at each business location at which the person provides check cashing services:
(i) The fees charged for check cashing services; and
(ii) How to contact the Office of the Commissioner of Financial Regulation with comments or complaints; and
(6) Provides a receipt to each check cashing services customer that includes:
(i) The date of the transaction;
(ii) The face value of the check cashed;
(iii) The fee charged; and
(iv) The net dollar amount paid to the customer.
(b) To register as a check cashing service, a person shall:
(1) Obtain and maintain a valid unique identifier issued by NMLS when an account is created with NMLS; and
(2) Provide information required by the Commissioner through NMLS, including:
(i) The person’s name and address and, if the person is not an individual:
1. The names and addresses of each owner who owns more than 5% of the person; and
2. The officers and director or principal of the person;
(ii) The addresses at which check cashing services will be provided; and
(iii) Any other information determined to be necessary by the Commissioner.
(c) A person submitting an initial registration or a registration renewal under this section shall apply through NMLS:
(1) For the initial registration, on or after November 1, 2020; and
(2) For registration renewal, each year thereafter.
(d) A person submitting an initial registration or a registration renewal under this section shall pay to NMLS any fees that NMLS imposes in connection with the issuance of the registration or the renewal of the registration.
(e) Sections 12–106 through 12–120 of this subtitle do not apply to a person who registers under this section.
Structure Maryland Statutes
Title 12 - Miscellaneous Institutions and Activities
Subtitle 1 - Check Cashing Services
Section 12-102 - Applicability of Subtitle -- in General
Section 12-103 - Applicability of Subtitle -- Exempt Entities
Section 12-105 - Licensing -- in General
Section 12-105.1 - Check Cashing Services by Annually Registered Business -- Requirements
Section 12-106 - Licensing -- Qualifications
Section 12-107 - Licensing -- Fingerprints; Criminal History Records Check
Section 12-107.1 - Confidentiality of Information
Section 12-108 - Licensing -- Applications
Section 12-109 - Licensing -- Application Investigation; Approval or Denial
Section 12-110 - Licensing -- Contents and Scope; More Than One License
Section 12-110.1 - Surrender of License
Section 12-111 - Licensing -- Term, Expiration, and Renewal
Section 12-112 - Licensing -- Transfer and Display
Section 12-113 - Change of Location
Section 12-114 - Books and Records -- Retention
Section 12-115 - Books and Records -- Investigation of Records
Section 12-116 - Endorsement of Payment Instrument
Section 12-117 - Compliance With Federal and State Laws
Section 12-118 - Posting of Fees
Section 12-119 - Payment of Instrument; Forms of Customer Identification
Section 12-120 - Maximum Fees; Membership Fee
Section 12-121 - Cease and Desist Orders
Section 12-122 - Suspension and Revocation of License
Section 12-123 - Notice and Hearing Requirements
Section 12-124 - Report of Alleged Criminal Violation
Section 12-125 - Criminal Penalties
Section 12-126 - Civil Penalties
Section 12-127 - Action for Damages or Injunctive Relief; Award Amounts