Maryland Code, FINANCIAL INSTITUTIONS 12-101
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 12-101
- Contract: A legal written agreement that becomes binding when signed.
- including: means includes or including by way of illustration and not by way of limitation. See
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(b) “Branch location” means any location other than the principal executive office of a licensee or license applicant at which the licensee conducts, or the license applicant, on licensure, will conduct, activities required to be licensed under this subtitle.
(c) (1) “Control person” means a person who has the power, directly or indirectly, to direct the management or policies of a licensee or license applicant, whether through ownership of securities, by contract, or otherwise.
(2) “Control person” includes a person who:
(i) Is a general partner, an officer, a director, or a member, or occupies a similar position or performs a similar function;
(ii) Directly or indirectly has the right to vote 5% or more of a class of voting securities, or has the power to sell or direct the sale of 5% or more of a class of voting securities, of a licensee or license applicant; or
(iii) In the case of a partnership, a limited partnership, a limited liability partnership, a limited liability company, or any other business entity:
1. Has the right to receive on liquidation or dissolution of a licensee or license applicant 5% or more of the capital of the licensee or license applicant; or
2. Has contributed 5% or more of the capital of a licensee or license applicant.
(d) “Exempt entity” means an entity that is exempt from all requirements of licensing as provided under § 12-103(b) and (c) of this subtitle.
(e) “License” means a license issued in any form by the Commissioner under this subtitle to provide check cashing services, including as provided for through NMLS.
(f) “Licensee” means a person licensed under this subtitle to provide check cashing services.
(g) “Mobile unit” means a motor vehicle or other movable means from which check cashing services are provided.
(h) (1) “Payment instrument” means a check or a draft ordering a person to pay money.
(2) “Payment instrument” includes a money order.
(i) “Provide check cashing services” means to accept or cash, for compensation, a payment instrument regardless of the date of the payment instrument.
(j) “Unique identifier” means a number or another identifier assigned by NMLS.