{"data":{"id":"us-md/md.-code-financial-institutions-12-406","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 12–406","heading":"","body":"(a) To qualify for a license, an applicant shall satisfy the Commissioner that the applicant:\n(1) Is of good moral character and has sufficient financial responsibility, business experience, and general fitness to:\n(i) Engage in the business of money transmission;\n(ii) Warrant the belief that the business of money transmission will be conducted lawfully, honestly, fairly, and efficiently; and\n(iii) Command the confidence of the public;\n(2) Will keep at all times the permissible investments required under § 12–418 of this subtitle;\n(3) Has a tangible net worth computed according to generally accepted accounting principles of at least $150,000, plus an additional net worth of $10,000 for each licensed location or authorized delegate, up to a maximum of $500,000 as provided in subsection (b) of this section; and\n(4) Has at least 3 years of experience in the business of money transmission or other related financial services business under the following conditions:\n(i) If the applicant is a sole proprietor, the applicant shall have the required experience;\n(ii) If the applicant is a joint venture or partnership, at least one of the coventurers or general partners shall have the required experience; and\n(iii) If the applicant is any other type of business, at least one of the principal officers or members shall have the required experience.\n(b) The Commissioner may require a net worth of up to $500,000, subject to consideration of the following:\n(1) The nature and volume of the business or proposed business of the applicant;\n(2) The amount, nature, quality, and liquidity of the assets of the applicant;\n(3) The amount and nature of the liabilities, including contingent liabilities, of the applicant;\n(4) The history of, and prospects for, the applicant to earn and retain income;\n(5) The quality of the operations of the applicant;\n(6) The quality of the management of the applicant;\n(7) The nature and quality of the person that has control of the applicant; and\n(8) Any other factor the Commissioner deems relevant.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=12-406","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"7b2871d37c08b4e8f122a60a6ef630f623f50d11d8b03d4bc03f4cfd7591fb6b","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-12-405","next":"us-md/md.-code-financial-institutions-12-407"},"notice":"GroundRules: Original legal text. Not legal advice."}