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Can you summarize MDCM Fin. Inst., Title 12, Subtitle 4?
Short Summary
This legal document, found in the Code of Maryland under Title 12, SubTitle 4, governs the licensing requirements and background checks for applicants and licensees in the financial institutions industry. It outlines the information that applicants or licensees need to provide to the Nationwide Multistate Licensing System (NMLS) regarding their identity, including fingerprints for criminal history background checks. Sole proprietorships need to submit personal history and experience information, while corporations or other business entities need to provide business history and personal history for control persons. The Commissioner has the authority to use NMLS to request and distribute information to relevant governmental agencies and state licensing entities. Applicants or licensees required to provide fingerprints must pay the necessary fees. The Commissioner may request criminal history records and updates from the Federal Bureau of Investigation or NMLS. The fingerprinting and criminal history records check requirements also apply to executive officers, general partners, managing members, or individuals in similar capacities within corporations or other business entities, as requested by the Commissioner.
Whom does it apply to?
Applicants and licensees in the financial institutions industry
What does it govern?
Licensing requirements and background checks for applicants and licensees in the financial institutions industry
What are exemptions?
Banking institutions, other-state banks, national banking associations or savings banks, credit unions, savings and loan associations, the United States government and its departments, agencies, or instrumentalities, accredited institutions of higher education, certain payment instrument sales, electronic transfer of government benefits, and authorized delegates of a licensee
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Maryland