(a) (1) Each authorized delegate that a licensee appoints under a license is the designated agent of the licensee for all purposes in connection with the licensee’s business under that license.
(2) Each licensee under this subtitle is liable for the payment of all money transmissions by the licensee, in whatever form, directly or through an authorized delegate.
(b) Each authorized delegate that a licensee appoints under a license shall be authorized by an express written contract, which shall provide:
(1) That the licensee appoints the person as its authorized delegate with authority to engage in the business of money transmission on behalf of the licensee;
(2) That neither the licensee nor the authorized delegate may authorize subagents or subdelegates without written consent of the Commissioner;
(3) That the authorized delegate is subject to supervision, examination, and regulation by the Commissioner; and
(4) That the authorized delegate will operate in full compliance with all applicable laws and regulations.
(c) The licensee shall provide to each authorized delegate a written copy of the licensee’s operating policies and procedures, which shall be updated on a reasonable periodic basis.
(d) Copies of all contracts required under this section shall be made available to the Commissioner, upon request.
Structure Maryland Statutes
Title 12 - Miscellaneous Institutions and Activities
Subtitle 4 - Maryland Money Transmission Act
Section 12-402 - Scope of Subtitle
Section 12-403 - Powers of Commissioner
Section 12-405 - License Required
Section 12-406 - Qualifications of Applicant for License
Section 12-407 - Applications for Licenses
Section 12-408 - Fingerprinting
Section 12-409 - Investigation of Application; Issuance or Denial of License
Section 12-410 - Contents and Scope of Licenses; Additional Licenses
Section 12-411 - Term and Renewal of Licenses
Section 12-412 - Required Bond or Permissible Investments
Section 12-413 - Authorized Delegate
Section 12-413.1 - Training to Recognize Financial Abuse and Exploitation of Elder Adult
Section 12-415 - Change of Location or Control; Penalties
Section 12-416 - Reports to Commissioner
Section 12-417 - Compliance With Federal and State Laws
Section 12-418 - Required Permissible Investments; Segregation of Money by Authorized Delegate
Section 12-419 - Issuance of Duplicate Payment Instruments
Section 12-420 - Redemption of Unused Payment Instruments
Section 12-421 - Determination of Compliance With Subtitle
Section 12-422 - Voluntary Surrender of License
Section 12-423 - Investigatory Powers of Commissioner
Section 12-425 - Required Records
Section 12-427 - Persons Subject to Enforcement
Section 12-429 - Enforcement of Subtitle
Section 12-430.1 - Reporting and Enforcement of Actions Against Money Transmitters