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Can you summarize MDCM Fin. Inst. Section 12-414?
Short Summary
This legal document, part of the Code of Maryland, specifically Title 12, SubTitle 4, governs the conduct of authorized delegates in the context of money transmission services. It outlines several requirements for authorized delegates, including the prohibition of fraudulent or false statements, conducting services in accordance with the licensee’s operating policies and procedures, and remitting funds owed to the licensee as per the contract terms. The document also establishes that funds received by an authorized delegate from money transmission services belong to the licensee and should be remitted accordingly. If commingling of funds occurs, a trust is established in favor of the licensee. Additionally, authorized delegates are required to report theft or loss of a payment instrument to the licensee within 24 hours. The document does not mention any specific penalties for non-compliance or violation. Overall, it sets forth guidelines and obligations for authorized delegates and licensees in Maryland regarding money transmission services.
Whom does it apply to?
Authorized delegates and licensees in the state of Maryland
What does it govern?
Authorized delegates in the context of money transmission services
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties for non-compliance or violation are not specified in the provided content.
Jurisdiction
Maryland