Maryland Statutes
Subtitle 1 - Check Cashing Services
Section 12-105.1 - Check Cashing Services by Annually Registered Business -- Requirements

(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

Maryland Statutes

Financial Institutions

Title 12 - Miscellaneous Institutions and Activities

Subtitle 1 - Check Cashing Services

Section 12-101 - Definitions

Section 12-102 - Applicability of Subtitle -- in General

Section 12-103 - Applicability of Subtitle -- Exempt Entities

Section 12-104 - Regulations

Section 12-104.1 - Credit of Revenue From Licensing and Payment of Fines and Penalties Into Various Funds

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