Section 12-102 - Applicability of subtitle - In general.

§ 12-102. Applicability of subtitle - In general.
 

(a)  In general.- This subtitle does not apply to check cashing services: 

(1) (i) For which a fee of up to 1.5% of the face amount of the payment instrument is charged per payment instrument; and 

(ii) That are incidental to the retail sale of goods or services by the person that is providing the check cashing services; 

(2) In which a customer presents a payment instrument for the exact amount of a purchase; or 

(3) Involving foreign currency exchange services or the cashing of a payment instrument drawn on a financial institution other than a federal, State, or other state financial institution. 

(b)  Maryland Consumer Loan Law.-  

(1) This subtitle does not apply to a transaction that is subject to the Maryland Consumer Loan Law (Title 12, Subtitle 3 of the Commercial Law Article and Title 11, Subtitle 2 of the Financial Institutions Article), including a transaction in which an additional fee is charged to defer the presentment or deposit of a payment instrument until a subsequent date. 

(2) A check cashing service is not subject to the Maryland Consumer Loan Law if: 

(i) The fee charged for the check cashing service does not exceed the fee permitted under this subtitle; 

(ii) No additional fee is charged to defer the presentment or deposit of the payment instrument; and 

(iii) The check cashing service is not subject to renewal or extension by any means. 
 

[2000, ch. 614, § 2.]