Section 12-410 - Contents and scope of licenses; additional licenses.
§ 12-410. Contents and scope of licenses; additional licenses.
(a) Contents.- The Commissioner shall include on each license:
(1) The trade name of the licensee; and
(2) The address at which the business is to be conducted.
(b) Scope of license.-
(1) A license authorizes the licensee to do business under the license, at the licensed place of business.
(2) A license does not authorize the licensee to accept deposits or engage otherwise in a banking business except as authorized in this subtitle.
(3) Only one place of business may be maintained under any one license.
(c) Additional licenses.- The Commissioner may issue more than one license to an applicant who:
(1) Complies with § 12-407 of this subtitle; and
(2) Otherwise meets the requirements of this subtitle.
(d) Not transferrable or assignable.- A license may not be transferred or assigned.
(e) Display of license.-
(1) (i) If the licensee has its headquarters in the State, the licensee shall prominently display the license in the location that is open to the public and at which the licensee engages in the business of money transmission.
(ii) If the licensee has its headquarters outside the State, the licensee shall maintain the license in the headquarters.
(2) Each authorized delegate shall display prominently at each location open to the public a notice in at least 48-point type that states the following:
"The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints regarding this authorized delegate of (name of licensee) at (address of Commissioner), phone (toll-free phone number of the Commissioner)".
(3) A licensee that offers Internet money transmission services shall include the following notice on its website:
"The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints from Maryland residents regarding (name of licensee) at (address of Commissioner), phone (toll-free phone number of the Commissioner)".
[An. Code 1957, art. 11, §§ 208, 215, 216; 1980, ch. 33, § 2; 1996, ch. 326, § 2; 2002, ch. 539.]